Tankless water heaters can provide plenty of hot water for early birds and night owls alike, removing the dread of wondering whether an icy-cold surprise is on the way.
That is intriguing in and of itself, but the savings associated with these devices are causing many people to take a closer look.
What is a tankless water heater?
The clue is in the name, as this on-demand heater doesn't have a storage tank. Instead, it uses a contraption called a heat exchanger to rapidly warm the water.
Installing a tankless water heater requires a decent-sized upfront cost, but shopping around can score you the right deal. In general, as detailed by Forbes, switching to one of these devices requires anywhere from $1,000 to $3,500, while bi-yearly maintenance visits can range from $45 to $200.
Those initial numbers may give some people pause, but the long life span of the tankless models helps offset that. According to Energy Star — a program run by the Environmental Protection Agency — tankless water heaters can last as long as 20 years. That's a lot longer than traditional water heaters.
In the United States, there's also a tax credit valid through 2032 that allows homeowners to claim 30% of the installation cost (up to $600).
Why are tankless water heaters getting so popular?
According to the U.S. Department of Energy, Americans spend around $400 to $600 on hot water annually, making water heating the second-largest expense in a typical home.
Tankless water heaters can significantly cut down those figures, however, as they only heat water when needed, and their smaller size can be appealing for homeowners who want to create more space without investing in costly expansions.
Energy Star noted that its certified tankless water heaters, which are marked with the government program's blue logo, can save families of four $95 annually, or $1,800 over its lifetime, when compared to traditional gas storage water heaters.
Because the devices are so energy efficient, they also generate less harmful pollution, which has been linked to the overheating of our planet and extreme weather events.
In fact, Energy Star estimates that almost 1.8 billion pounds of planet-warming pollution would be eliminated if all residential tankless water heaters purchased in the U.S. met its quality specifications. That would be like taking 160,000 gas-powered vehicles off the road.
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