How Much is a Tankless Water Heater?

With the demand for appliances and home systems that have better efficiency and less harmful effects on the planet on the rise, it’s no surprise that tankless water heaters have become a household staple. Although higher in initial costs, the tankless water heater consistently out-performs its predecessor, the traditional storage tank water heater, in longevity, energy efficiency, and operating costs.

But, how much will a tankless water heater set you back upon initial purchase? And, is it even worth it? Well, in this blog, the experts at Simplicity Protection are here to provide you with a complete look at tankless water heaters: the types, the benefits, and how much they cost.

Types of Tankless Water Heaters

Now, before we begin discussing the many benefits of a tankless water heater, we first want to discuss the different types of tankless water heaters available, as these will provide you with varied options to choose from.

Here are the three types of tankless water heaters.

Condensing

Condensing water heaters are a lot more efficient due to the fact that they have multiple heat exchangers. Because, they’re able to take the original heat exchanger’s exhaust, they’re able to heat water longer, and more consistently.

Non-Condensing

Non-condensing tankless water heaters also use a heat exchanger, however, the exhaust created isn’t re-used and has to be vented from outside the home. These vents will also add additional cost when purchasing this option.

Hybrid

On the other hand, there are hybrid model tankless water heaters that don’t quite fit into either category. Hybrid models have a smaller tank and use less energy due to the fact that they’re acquiring the exterior heat from the outside to heat water. Their downside is initial price, which is more expensive than the previous two options.

Benefits of Tankless Water Heaters

The benefits of tankless water heaters are numerous. From their energy efficiency to longevity, it’s a wonder why everyone hasn’t jumped on the tankless water heater bandwagon.

However, we wanted to touch on a few benefits that go beyond the two we previously mentioned because they will make a big difference when it comes to the overall cost of this home investment.

Instant Heat

Tankless water heaters actually heat up water far quicker than a traditional storage tank option. Once the hot water spigot is activated, the water heater immediately starts to heat the water and only takes on average, 15 seconds for water to reach the desired heat.

More Space

As tankless water heaters are only around the size of a control panel, they don’t require the space that a storage tank heater does, leaving you excess room for storage or other personal items. Their low profile is great for smaller homes or those looking for minimalist design.

Long-Term Cost Savings

Over time, as your tankless water heater continues to use less energy, it will actually save you money in the long run. According to estimates by ENERGY STAR®, an average household could save hundreds of dollars per year switching from traditional to tankless water heaters.

Factors that Determine Tankless Water Heater Cost

Now, down to the question you came for – how much is a tankless water heater?

While prices vary from unit to unit, on average, you can expect to spend around $179 – $2,000 on the initial purchase.

Overall, the highest cost factor to determine when purchasing a tankless water heater will be fuel type. Gas-fired tankless water heaters will typically cost more than electric, running you around two to three times as much. Other common cost-determining factors to consider are installation costs and system size.

Does a Home Warranty Cover Tankless Water Heaters?

Short answer: yes. Most home warranty options will cover tankless water heaters. While these energy efficient units often don’t need regular maintenance, unforeseen events do happen, and if you have coverage for your tankless water heater, your home warranty plan will cover or greatly reduce the cost to fix it.

Simplicity Home Warranty Protection Plans

At Simplicity Protection, we know that home warranty plans shouldn’t be as one-size-fits-all approach. Each home is different, so shouldn’t their home warranty plan reflect that? Well, we believe so. That’s why we’ve created three dynamic plans that cover a multitude of systems and appliances, so you can choose the option that’s right for you.

Our Essential plan covers a wide range of mission-critical systems responsible for the smooth functioning of your home, including heating & cooling systems, plumbing & electrical, and a water heater.

Our Standard plan covers everything in the Essential plan plus major home appliances that you use every day, such as your kitchen refrigerator, oven, built-in dishwasher, washer & dryer, garbage disposal, and more!

And finally, our Premium plan is our most popular and comprehensive coverage option – not only does it cover everything in the Essential and Standard plans, but it also covers other household items like second AC and heating units, second refrigerators, garage door openers, and more. Pool and spa coverage add-on options are available to add to the Standard and Premium plans, as well for additional convenience.

Contact Simplicity Protection Today!

With more than 45 years of experience in home warranty coverage and claims, the home warranty professionals at Simplicity Protection are dedicated to providing you with expertise you can trust for elite home protection.

The licensed technicians we have on our professional network will show up on time and provide a friendly and quick claims service, so you can get back to living your life the way you deserve!

To find out more about our home warranty plans, please contact us today!