Which is More Cost Effective: Tankless or Traditional Water Heater?

Charlotte water heater comparison

Compare Tank and Tankless Water Heaters by Cost Effectiveness

So you’ve made the decision to buy a new water heater and now you are wondering which to choose – tank or tankless. There are several important aspects of the decision to consider before making your choice and you should first assess your existing infrastructure and hot water needs.

Tankless Water Heaters

When contemplating a tankless water heater, there are certainly some immediate benefits. The fact that you will never run out of hot water is at the top of the list. This is especially meaningful if you live in a household with many people or if you love filling up your oversized bathtub. The way tankless heaters work is by pumping water past burners at a variable flow rate (the rate depends on the initial water temperature). As much water as you need is as much as will be heated.

Another benefit to this method of water heating is that it’s more energy efficient – tanked heaters constantly heat and store water, which also constantly uses energy. Tankless heaters only use energy when you need the hot water. This will decrease your utility costs and save you money in the long run.

We use the phrase “long run” because installing and purchasing a tankless heater is a substantial investment. They are not standard hardware and can be a bit pricey. However, they do pay for themselves in the long run, both through energy savings (40% per year) and longevity (they last twice as long as tank water heaters).

Tank Water Heaters

There are several options these days within the “tank” category of hot water heaters. You can choose from a conventional gas heater, to a condensing gas heater, or even to a hybrid pump. All of the options are large, tank based heaters, but they differ in the methods by which they heat the water.

No matter which option you choose in the tanked category of heaters, know that they will definitely take up space. They probably won’t save you much money on your utility bills either, though they are typically cheaper to purchase and install. They also won’t provide endless hot water – they have to refill in between uses. But if you live alone and don’t use much hot water, a tanked heater could be for you.

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Learn more about Charlotte water heaters here.

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We’ve been installing water heaters for two decades, so we can quickly help you determine what is the best model for you. If you need a Charlotte plumber, we're here to help!

Need more information? Watch our video comparison of tank and tankless water heaters!

Article Summary

Quick question & answer: How does the price of a tank and tankless water heater compare?

Prices of tank and tankless water heaters vary. Tank water heaters are typically cheaper to purchase and install, but won’t save you much money on utility bills. Tankless water heaters can be pricey, but pay for themselves in the long run through energy savings of up to 40% per year and longevity (lasting twice as long as tank water heaters).

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