According to the Department of Energy, heating water in a home can often be the third largest home expense to homeowners. Choosing the right water heater for your home is essential.
For your water heating, there are two main options: a tank water heater and a tankless water heater. Here are the pros and cons of each type to help you determine which is right for your home.
Tank Water Heater
• Tanks that are Energy Star rated are now available, making them more energy efficient and less expensive to run.
• They have a proven history, and homeowners are familiar and comfortable with them.
• Low purchase (around $300) and installation cost.
• Low replacement cost (approximately $500 to $800).
• The cost of running a tank water heater is twice as much annually as a tankless system, on average.
• Tank heaters are always on; they don’t heat on an as-needed basis.
• Tanks have a shorter lifespan, approximately 12-15 years.
• They are large and bulky and provide less flexibility with installation location.
Tankless Water Heater
• Tankless heaters only heat water as needed instead of heating a tank of water round the clock.
• They never run out of hot water, as it’s heated as needed, generally 2 to 5 gallons per minute.
• Tankless heaters are more energy efficient, with up to 25% annual savings over a tank system.
• Tankless heaters are compact, on average they’re the size of a suitcase.
• They can be installed almost anywhere in your home.
• They have a life expectancy of 20+ years.
• Tankless water heater systems cost significantly more than a tank system – about twice the cost, between $700 and $1500.
• Tankless systems require expensive installation.
• Hot water flow in a tankless heater may fluctuate during busy usage times.
• In existing homes, it can be very expensive to retrofit and change from tank to tankless. It’s much easier in new construction.
• Electric tankless units are not Energy Star rated, and are generally inadequate. Only gas systems perform up to standards.
When choosing a water heater for your home, it’s easy to get lost in the information. By considering the pros and cons of each type of system, it’s easier to make the decision that’s right for you and to choose the right water heating system for your home.
If you need additional information or assistance deciding what is the best choice for your home, contact McCall’s and speak to a professional.