Can a tankless water heater really save you money when considering the initial costs?

The biggest promise that is given of tankless water heaters when making the change from a storage water heater is that they will save on energy consumption as they provide hot water only when used, removing the stand by energy consumption that the old storage type water heaters have. So if hot water is only needed for 10 minutes during the day, you'll pay only for that time, not for 24 h constant water heating.

The biggest critic against this promise has been the total amount of the initial cost of a tankless water heater. Even if it's obvious that tankless water heaters will make savings in the yearly energy consumption, it has been calculated that the units price and the cost of the installation causes the yearly energy savings to break even with the initial investment only after several years making the purchasing of tankless water heater questionable. In such articles/ studies where this matter has been discussed, the cost of a tankless water heater with the installation has been estimated to be in average $2,000 - $3,000, while the storage water heater has been estimated to be around $1,000 with the installation.

Tankless water heaters are not a new invention. Rather, they've been around for decades but not just in so large scales in the US than in the rest of the world. However, during the recent years the technological developments, governmental aids, and huge increases on the demand of more energy efficient products have brought new units that offer high efficiency rates with an affordable price tag to the North American markets as well. These days, a tankless water heater, whether a gas or electric, can be bought below $450 (e.g. Marey products). Also, the installation of the units in many cases can be done by the user itself, which would reduce the total cost, but even with a professional installation the total price in average should stay below $1,000, which is one third of the given estimation. This means that these articles/ studies that raises the initial cost of the tankless water heaters to be the main issue, or the biggest argument not to make the change for a more energy efficient product, has become void as the prices are almost equal with the storage type water heater. So the idea of "high cost new technology" has come to its end in the water heating markets, as the costs of the old and new technology are now very comparable, allowing the energy savings to be immediate.

Water heating counts 30% of the homes energy consumption in United States, so we are talking of a large portion of household’s energy costs. Storage type water heating is an old technology that has struck its roots to the North American water heating markets years ago, and thus there are many authors still holding on to the old consuming values. However, as consumers get more aware of new energy efficient ways to reduce the energy consumption and become greener, the trend of the change on-demand water heaters increases substantially. Like in any industry, eventually the old technology makes way for the new one, and the water heating industry is no exception.

Comparison of Energy Consumption by Time: Tankless vs. tank water heater, 10 min use of hot water

10 Ways to Go Green and Save Green

Keep reading for 10 simple things you can do today to help reduce your environmental impact, save money, and live a happier, healthier life.

 

1. Save energy to save money.
• Use Tankless Water Heaters and save energy, space and money.
• Wash clothes in cold water whenever possible. As much as 85 percent of the energy used to machine-wash clothes goes to heating the water.
• Use a drying rack or clothesline to save the energy otherwise used during machine drying.
2. Save water to save money.
• Take shorter showers to reduce water use. This will lower your water and heating bills too.
• Plant drought-tolerant native plants in your garden. Many plants need minimal watering. Find out which occur naturally in your area.
3. Less gas = more money (and better health).
• Walk or bike to work. This saves on gas and parking costs while improving your cardiovascular health and reducing your risk of obesity.
• Consider telecommuting if you live far from your work. Or move closer. Even if this means paying more rent, it could save you money in the long term.
4. Eat smart.
• If you eat meat, add one meatless meal a week. Meat costs a lot at the store-and it's even more expensive when you consider the related environmental and health costs.
• Buy locally raised, humane, and organic meat, eggs, and dairy whenever you can. Purchasing from local farmerskeeps money in the local economy.
5. Skip the bottled water.
• Use a water filter to purify tap water instead of buying bottled water. Not only is bottled water expensive, but it generates large amounts of container waste.
• Bring a reusable water bottle, preferably aluminum rather than plastic, with you when traveling or at work.
6. Think before you buy.
• Go online to find new or gently used secondhand products. Whether you've just moved or are looking to redecorate, consider a service to track down furniture, appliances, and other items cheaply or for free.
• Check out garage sales, thrift stores, and consignment shops for clothing and other everyday items.
• When making purchases, make sure you know what's "Good Stuff" and what isn't.
7. Borrow instead of buying.
• Borrow from libraries instead of buying personal books and movies. This saves money, not to mention the ink and paper that goes into printing new books.
• Share power tools and other appliances. Get to know your neighbors while cutting down on the number of things cluttering your closet or garage.
8. Buy smart.
• Buy in bulk. Purchasing food from bulk bins can save money and packaging.
• Wear clothes that don't need to be dry-cleaned. This saves money and cuts down on toxic chemical use.
• Invest in high-quality, long-lasting products. You might pay more now, but you'll be happy when you don't have to replace items as frequently (and this means less waste!).
9. Keep electronics out of the trash.
• Keep your cell phones, computers, and other electronics as long as possible.
• Donate or recycle them responsibly when the time comes.
• Recycle your cell phone.
• Ask your local government to set up an electronics recycling and hazardous waste collection event.
10. Make your own cleaning supplies.
    • The big secret: you can make very effective, non-toxic cleaning products whenever you need them. All you need are a few simple ingredients like baking soda, vinegar, lemon, and soap.
    • Making your own cleaning products saves money, time, and packaging-not to mention your indoor air quality.

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