If you are thinking of replacing your tank-type water heater with a tankless one, it is wise to know the cost of buying a new one, installing it at home, and operating on a daily basis. When thinking of the costs, keep in mind that a tankless water heater also needs a supply of power to operate. Moreover, installing the right unit can be more cost-efficient if installation is done properly, and proper usage and maintenance are applied. Consider these factors when calculating the tankless water heater cost:
Price, Brand, Features
The price of a tankless water heater depends on the brand, features, and design. The most affordable unit costs around $150 to $500, while the most expensive one costs around $3,000 or more. A single-point tankless system is suitable for small spaces and is affordable at its price of $150 – $400.
Meanwhile, the electric models cost around $800 – $1,500, and these are suitable for homeowners who want to save on operating expenses. It is efficient enough to provide the daily needs for hot water.
There are tankless water heaters that are operated using both natural gas and propane. The price of this type falls around $1,000 to $2,000 depending on brand and design. A solar-powered tankless water heater is the most expensive one. It costs around $5,000 or more.
The price of the unit also varies depending on the brand or manufacturer, and the features included in the design.
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The installation cost is another factor to consider when summing up the cost of tankless water heaters for home or office use.
On average, installing a tankless water heater costs around $1,000 – $2,000 for the necessary accessories and materials, plus the cost of labor. It is important to note that installation should be done properly by a professional technician to ensure efficiency. Also, most warranties become void if installation is not professionally done.
Furthermore, it may cost more to install gas–operated units because it requires a safe ventilation system. Good thing the federal state acknowledges the use of renewable energy systems by giving a 30% tax credit.
For electric tankless water heaters, the annual operating costs range from $75 to $500 depending on the unit and the number of users. Other factors also affect the energy consumption of the unit, such as the age of the unit, size, temperature setting, and volume of water used daily.
For gas or fuel-powered tankless water heaters, the annual operating cost normally ranges from $360 to $600 depending on the price. It is significantly more inexpensive to operate the unit using gas, provided that the house is already equipped with a gas line or pipe. Electric water heaters cost more in terms of operation, can last for up to 12 years, takes more time for water to get hot, will not work without electricity, but will be more efficient due to zero heat loss. On the other hand, a gas water heater costs less to operate, can last up to 13 years and more, takes less time to heat the water, can work even without electricity, but is less efficient due to heat loss.
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.