The initial retail cost of a new tankless hot water heater is not the bottom line of the actual financial investment you are making by purchasing it. When calculating tankless water heater prices, you need to take 3 other major factors into consideration. Your investment will be less than you think.
1) Tax Credits. The federal government has passed the American Recovery and Reinvestment Act, providing financial incentives for individuals and corporations to “go green”. This relates to the purchase of a new water heater by providing the purchaser with significant tax credits when purchasing a tankless unit. The credits were initially given in specific dollar amounts but has recently changed to a percentage of the total price you pay on one. It is now up to 30% of the retail price. This is a huge money savings.
2) Utility Savings. Whether you go with an electric tankless unit or a gas one, you will save money on your utility bills. Many homeowners make the mistake of passing on a tankless unit because tankless water heater prices can be significantly more than the traditional versions but they fail to realize the monthly savings they will experience for many years. Not only will you save money on the fuel bill, you will also save on the water bill. No longer will you have to wait for hot water, wasting gallons at a time. The hot water comes out instantly, as soon as you turn it on.
3) Durability. Technological advancements have made tankless models much more durable than the traditional models. Warranties are for longer periods of time, the units are much more resistant to rust an other corrosion, and there is no tank to go bad. You will save a lot of money on not having to repair your water heater, or buy a new one for a long time.
