Electric Tankless Water Heater Cost Savings

We factored in an installation cost of 1 250 for a gas tankless and slightly less 1 150 for an electric.

Electric tankless water heater cost savings.

This does not include the cost of installation. A 50 gallon 5 500 watt water heater with a 90 ef and an electricity rate of 16 per kilowatt hour will cost 781 to operate each year. According to angie s list the average electric tankless water heater costs 1 063 for the unit and a full eight to 10 hours to install. The cost of an electric tankless water heater starts around 1000 for a whole house unit whereas the traditional hot water tank usually runs in the mid to upper hundreds.

You can achieve even greater energy savings of 27 50 if you install a demand water heater at each hot water outlet. If your annual savings are 100 it would take 20 years the approximate lifespan of a tankless water heater to recoup the cost in energy savings. The initial cost of a tankless water heater is greater than that of a conventional storage water heater but tankless water heaters will typically last longer and have lower operating and energy costs which could offset its higher purchase price. For the average family the energy savings from switching to tankless amount to about 70 to 120 per year.

Most water heaters include a label listing the annual. Our model 3 water heater retails for 899. Electric models run consistently produce high energy ratings and are easier to maintain than gas. Tankless water heaters will cut up to 40 off your monthly energy bill.

By heating water instantaneously and only when you need it you and your family members can enjoy continuous uninterrupted hot water at the same time along with savings over a conventional tank. According to energystar gov a tankless water heater is probably going to save you at most 1 800 over the life of the system. Using a natural gas rate of 10 86 per 1 000 cubic feet we calculated that. Electric tankless water heater costs less expensive than gas electric models cost an average of 800 to 1 600 to install.

Electric water heater operation costs. With no need to vent the installation work is not as complicated. Comparatively electric storage water tanks average 750 and will take a professional two to three hours to install it. Now see the difference for yourself.