COST
The
installation cost of a tankless water heater system are
2 - 4 times higher than tank-type water heaters. For gas
tankless hot water heaters, the same gas supply line and/or
venting may need to be sized larger than for a typical gas
tank.
Electric
tankless water heaters draw more power and will require
multiple circuits and/or heavier cable, which will increase
installation costs. Water connections for both are comparable
or identical to those used on tank-type water heaters. In
some cases, the temperature and pressure (T&P) valves
necessary for tank systems may not be required for a tankless
heater.
Gas
and electric whole-house tankless water heaters are more expensive
than typical tank systems except when comparing to high efficiency
tank systems. In these cases, the high efficiency tanks may
be close in cost to the tankless systems.
Tankless
water heaters range in price from $200 for a small under-sink
unit up to $1200 for a gas-fired unit that delivers 5 gallons
per minute. Typically, the more hot water the unit produces,
the more it will cost. |
Operating
Costs
Electric
tankless water heaters generally cost 10-20% ($40 - $80/yr)
less (depending on usage) to operate than comparable tank-type
water heaters.
Gas
savings may be about 20 -40% ($50-$100/yr). Equipment life
may be longer than tank-type heaters because they are less
subject to corrosion. Expected life of tankless water heaters
is 20 years, compared with between 10 and 15 years for tank-type
water heaters.
In
considering costs, you should also consider water usage costs.
Tankless water heater deliver instant hot water as opposed
to waiting for hot water, which can add up to over 100 gallons
per month.
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