Most people are drawn to a conventional tank due to the upfront costs being significantly less than going tankless. What they don’t realise is, it ends up costing them thousands more in the long run.
Today, the conventional water heater takes up way to much space, wastes a lot of gas, and there’s never hot water when you need it most. Think of the conventional tank as an old incandescent lightbuld, and the tankless as the newer, cooler, LED lightbulb. It costs more, but saves you money over time.
Whats Better About a Tankless?
Although a tankless water heater’s initial cost is greater than a conventional water heater, over time the energy savings offset the initial cost difference and end up saving you money in the long run.
Taking this into consideration, a conventional tank costs half the price of a tankless, but a tankless will last twice and long and saves you around 30% on your energy bill each month.
The graph below compares the cost of owning a tankless versus a conventional tank over 25 years.
It shows the initial cost of a tankless is almost double that of a conventional tank. But over time you save more money since the tankless lasts twice as long and is more energy efficient.
Most people make their decision based on initial cost and as you can see it ends up costing them in the long run.
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If you think upgrading to a tankless is right for you, you can learn more about what is included when you rent-to-own with us, warranty information, and other general information by clicking the button below.
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