Both tank and tankless water heaters have benefits. A tankless water heater is much smaller, which works well when space is limited. It delivers hot water instantly, so you don’t have to freeze while you wait for the shower to warm up. However, a tankless water heater is usually more expensive than a tanked water heater, which may push that option off the table if you have a small budget.  Check out more of the differences between Tankless and Tank Storage Water Heaters below:

Life Expectancy 

Comparing the life expectancy of a tank and tankless water heaters can help you decide which option to choose. A tankless water heater usually lasts longer than 20 years, while tank water heaters usually only last 10 to 15 years. Investing more upfront on a tankless water heater means you won’t have to replace it again for a long time. This saves you money and takes the hassle out of replacing your unit. If you choose a tank water heater, regular maintenance, such as flushing the water heater, can extend its life. 

Energy Efficiency

Tankless water heaters are generally more efficient than traditional tank water heaters. The U.S. Department of Energy says that, compared to tank water heaters, tankless models are between 24% and 34% more efficient if you use less than 41 gallons of hot water each day. Traditional tank water heaters have to keep the water heated all the time in case you need hot water. A tankless water heater only heats the water when you need it, which is why it uses less energy.

Tankless water heaters usually last longer and save energy, which can offset the additional cost it takes to install a tankless water heater. If you choose a tank water heater, look at the energy efficiency and insulation.

Cost Comparison

The price difference can influence your decision. Tankless water heater costs range from $1,000 to $5,000, while a traditional tank water heater runs from $800 to $2,000. If you currently have a tank water heater and are switching to a tankless water heater, you might run into extra expenses for new wiring and plumbing changes. If you’re on a budget, a tank water heater is usually the most affordable option. 

Is the Cost worth it? 

Whether a tankless water heater is worth it depends on what you want. If a tankless water heater is in your budget, it’s great to have hot water as soon as you want it without worrying about running out. Keep in mind that a tankless water heater can also have difficulty keeping up with demand if you’re, say, running the dishwasher and trying to shower at the same time. A tankless water heater typically costs more upfront, but it can save more energy and money over time. 

Save Water

One of the biggest perks of a tankless water heater is the fast delivery of hot water. You can enjoy a hot shower instantly. You may also save water because you don’t have to let the tap run until the hot water reaches the fixture you’re using. If your current tank water heater doesn’t keep up with your water demands but you don’t want to switch to a tankless unit, consider upgrading to a larger tank size. You can stick with the tank water heater style while having more hot water to last.