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Cost Considerations and Potential Savings
While the initial investment for a tankless water heater can be higher than that of a traditional tank system, the long-term savings often justify the upfront cost. The price for a tankless water heater can range from $1,000 to $3,000, including installation2. However, the energy savings over time can offset the higher cost, especially when considering the lifespan of a tankless system, which can be more than 20 years compared to 10-15 years for a traditional tank heater.
Moreover, many utility companies and local governments offer rebates and incentives for installing energy-efficient appliances, which can further reduce the overall cost. It's worth checking with your local utility provider or visiting websites of energy efficiency programs to see these options and take advantage of available discounts.