Heating hot water is one of the most expensive energy costs in a home. Hot water tanks can take up as much as 30 percent of a home’s energy expenses. Considering the skyrocketing price of natural gas these days, it makes sense to find a more affordable alternative to a traditional hot water tank.
Tankless hot water tanks run cold water through high-powered electric coils or gas burners, heating water instantly. A tankless water heater is more efficient and uses less energy than a conventional water heater. If your household in Maine uses 41 gallons of water or less daily, you should save 24 percent to 34 percent heating water with a tankless water heater, according to the U.S. Department of Energy.
Tankless water heaters may cost a bit more than traditional water heaters, but the energy savings they deliver is worth the investment. Here are a few benefits to consider when it comes to tankless water heaters.
Tankless water heaters provide hot water instantly
Instant access to readily hot water is a popular benefit of tankless water heaters. If the unit has been installed properly by a certified HVAC tech, you can have instant hot water almost indefinitely. The water is heated only when needed, saving energy. Unless you are doing multiple loads of laundry and running several showers simultaneously, you’ll never run out of hot water.
Tankless water heaters save space and can be installed just about anywhere
Without a tank, tankless water heaters take up considerably less space than traditional models. They can easily be installed in a closet, crawl space or basement. If you are tight on space, tankless water heaters are the perfect solution. You might consider installing a tankless water heater in every bathroom as well as the kitchen for optimal comfort and convenience.
Tankless water heaters have a long lifespan
A traditional water heater will last about 10 years. You can expect a tankless water heater to last twice as long. They also tend to require less maintenance. It saves money in the long run. You don’t need to worry about buying a new water tank every decade. Buy a tankless water heater when the kids are in diapers, and replace it when they graduate college. The longer lifespan is a crucial benefit.
Tankless water heaters have a longer warranty
Because of their long lifespan and dependable reliability, tankless water heaters tend to come with a longer warranty – up to 15 years. A traditional water heater typically has a six-year warranty.
Tankless water heaters more than pay for themselves
Saving a third of your hot water bill over 20-plus years adds up to considerable savings. Because tankless water heaters use less energy but last a long time, they deliver a solid return on investment. This easily offsets their initial upfront investment, which steadily accrues to a dividend over their two-decade lifespan.
Tankless water heaters are eligible for tax credits
Under funding renewed in the Inflation Reduction Act, homeowners who invest in tankless water heaters are eligible for residential energy efficiency tax credits. The new law extends the credits through 2032. Starting in 2023, the credit will be equal to 30 percent of the costs for all eligible home improvements made during the year, including tankless water heaters.
You can also take advantage of other renewable energy tax credits in Maine.
Want to invest in a tankless water heater? Call HVAC 911 Maine
If you want to invest in a tankless water heater, call HVAC 911 Maine. You will be connected to a local Maine HVAC specialist who can install your tankless water heater.