Many factors determine the total initial cost for tankless water heaters. But if we are talking about the national average, most people spend around $2,500 to $4,500 for household purposes. To estimate how much money you would need to spend, you can take a look at these breakdowns below.
Unit Price By Energy Source
Each system works differently, thus the different costs. The prices below are only the cost of the new unit. You still need to calculate how much money you will spend on the fuels as well.
- Electric: $400 to $1,600
- Natural Gas: $700 to $1,800
- Propane: $700 to $1,800
- Oil: $600 to $2,500
- Solar: $1,000 to $5,000
Unit Price By Flow Rate
Flow rate is simply how much water can flow out of the outlets at a time. It is measured with GPM (gallons per minute). The higher the GPM, the more outlets you can operate together at the same time.
These price ranges are calculated by electric and natural gas types only because these two are the most popular ones. The solar one is obviously on a different threshold.
- 0.5 to 2 GPM: $100 to $250
- 2 to 3 GPM: $200 to $600
- 3 to 4 GPM: $300 to $700
- 4 to 5 GPM: $400 to $800
- 6 to 7 GPM: $500 to $900
- 7 to 8 GPM: $650 to $1,200
- 8 GPM and above: $1,100 to $2,000
Do not underestimate the labor cost for tankless water heater installation. It can be almost as high as the unit price itself. The hourly rate of a plumber is around $40 to $150 per hour, depending on your location.
The cheapest one to install is the electric system because the system is simple. Meanwhile, the other systems require fuel lines, which means more time and cost to install. You might also need to hire a handyman to fix your walls that were drilled to install the fuel lines.
Besides the installation, you also need to plan for the plumber that needs to be hired for annual maintenance. It usually takes an hour or two to perform comprehensive checkups and tune-ups. Thus, expect to spend $40 to $300 per year for this purpose.
In terms of the operational cost, nothing can compare to the solar tankless water heater. Thanks to its free energy source, it costs only around $50 per year. Plus, there is a 30% tax credit for having this system installed in your home.
The gas system costs around $250 per year, while the propane is slightly more expensive at $350 per year. However, the most costly system to operate is the electric one, which is ironic because its price unit is the cheapest. An electric tankless water heater may cost around $400 to $650 per year.
To make the best of your spending, you need to look at the cost of tankless water heaters within your budget first. And then, choose the specifications that are most beneficial to your current situation and needs.
ECM Air Conditioning, with its headquarters located in Boynton Beach, FL, provides air conditioning services within Palm Beach County, Broward County, Martin County, and St. Lucie County. If you’re looking to have a new HVAC system installed, we’re on-call and ready to assist you. So if you’re in need of an HVAC installation, don’t hesitate to contact us today to schedule an inspection! Our HVAC installation experts will check your ductwork, measure, check wire sizes, and more before making recommendations to ensure maximum efficiency and comfort. Call us at 561-295-1763 or contact our HVAC installation team online by clicking here.