Can a Tankless Water Heater Help Save Money?

It is often mentioned that tankless water heaters can help you save money and energy. Tankless water heaters are modern, energy-efficient systems that have the ability to heat water on demand when you need it. They are incredibly compact and save space in residential homes. However, they can be a costly investment. Some may wonder whether or not they can truly help to reduce energy consumption in order to save money. 

It’s important to understand that these appliances are highly efficient and have the ability to help you save in the long run. However, it can also be more costly in some cases, depending on your household needs and expenditures. The key to saving money with a tankless water heater is choosing the right model for your home and your lifestyle. 

Lower Energy Bills

If your energy bills are stacking up, your old water heater could be to blame. Traditional water heaters have to heat water constantly in their tanks. This ensures you have hot water when you need it. That means your water heater is using energy at all times, even while you sleep. 

Tankless water heaters help save money because they heat water only on demand. They do not have large tanks that need to be kept hot constantly, rather, their advanced heating technology uses energy only when you are using hot water. 

This is an excellent way to save on your energy bills every month and reduce your carbon footprint. As noted by Natural Resources Canada, “An ENERGY STAR certified tankless water heater uses 30% less energy on average than a storage tank.”

Tankless technology heats water only when it’s needed. It uses either electric or gas burners to heat on demand, and stops when you turn off the faucet. That means you save more, and you help the environment at the same time. 

Be Aware of Energy Consumption

However, it is important to keep in mind that tankless waters run at a much higher level of efficiency than traditional water heaters. In our post ‘Benefits of a Tankless Water Heater,’ it is noted: “Typical water heaters use 40,000-50,000 BTU of energy throughout the day to heat water and keep the water warm in its tank. Whereas tankless water heaters can use up to 199,000 BTU of energy, but range from 15,000-199,000 BTU, depending on the gallons of water per minute used.”

This means that if you use large amounts of hot water during the day; tankless hot water heaters could be far more expensive for you. It is important to be sure you are using the right size tankless water heater for your home; be aware of your output needs. 

Longevity and Return on Investment 

Tankless water heaters may seem to be a bit costly initially, however, they have exceptional value. Tankless water heaters last between 15-20 years. That’s twice as long as the average hot water tank lifespan, which is only 6-8 years. 

Overall, you spend less in the long run with tankless water heaters. Their condensing system is designed with efficiency and longevity in mind. This means that this will be a lasting investment for many years to come. 

Tankless Water Heater Rebates with FortisBC

This day in age where governments are putting efficiency laws and requirements for manufacturers in place; tankless water heaters and most gas appliances are the new norm. 

In fact, FortisBC and the Government of BC have implemented a rebate program. As an incentive for homeowners to go green and save energy and money with tankless water heaters. Now is the best time to replace an older water heater with a new on-demand water heater. You can save up to $1000 in rebates when you upgrade your water heater. Learn more about the benefits of switching to a tankless water heater, and claim your rebates today.

Visit Hillcrest Plumbing & Heating 

At Hillcrest Plumbing & Heating, we are committed to providing excellent, prompt service to our clients in Vancouver and the Lower Mainland. We are proud to carry Navien Tankless Water Heaters, which come in a variety of sizes to meet the different needs of residential households. 

If you are interested in learning more about how tankless water heaters can help save money, contact us, or give us a call at 604-879-1415 today. Our team would be happy to answer any questions you may have. We also provide installation, maintenance, and repair services for all water heaters and home heating systems.