Tankless Water Heaters
In this blog series, we will explore some of the common water heater myths and misinformation that customers frequently call to talk about.
Myth #1: The cost is high
Tankless water heaters are becoming more and more popular (although they’ve been around for decades). With them comes many questions that we always get asked to answer. Some people believe that they cost more to run because of the initial cost to have one installed. But in reality, when compared to traditional tanks, tankless units are incredibly efficient. The traditional storage tank style of water heater that many people have in their home have an Energy Factor of .65 to .67. In contrast, tankless water heater units have Energy Factors between .96 to .99, with efficiency ratings of up to 99%!
For more information on how these water heaters work, you can read our previous blogs on water heater efficiency. Thanks to their high efficiency, tankless water heaters help to save you money! The initial investment is higher than a traditional tank, but with energy savings of up to 20% per year (that’s up to $99 for a family of 5), the tank will save you money and you can go ahead with that bathroom or kitchen renovation you’ve always wanted to do!
Tankless water heaters also have a longer warranty and a longer lifetime compared to traditional hot water tanks, so you won’t be incurring a swap out fee any time soon. One of the contributing factors that help tankless water heaters last longer is that the units do not store any water inside of them. Water is heated using a heat exchanger which is inside the unit, and so water only flows through the unit; it doesn’t sit there. Tankless water heaters function to directly supply water as needed rather than having a tank that is constantly filled and maintained at a particular temperature- this is why storage tanks have a higher energy cost. Water heating accounts for up to 20% of your home’s energy cost, which is the second biggest portion after space heating.
To calculate your home’s approximate annual energy cost, click here to go to the FortisBC online calculator.