Choosing between a tankless water heater and a hot water tank alternative is your main objective when evaluating water heating options for your home. In a nutshell, tankless water heaters heat your water on demand, while hot water tanks pre-heat and store a set amount of hot water.
But which option is right for you is largely a matter of preference and individual needs. Here’s an overview of what you should know to make a wise decision regarding water heater installation options.
Overview of Tankless Water Heaters
People who prefer tankless water heaters love the way they make the most of even the smallest spaces and provide access to instant hot water. Tankless water heater benefits also include energy savings via on-demand water heating. Tankless water heaters may cost more out of the gate, but they last many years and are less expensive to maintain over time.Overview of Hot Water Tanks
Hot water tanks heat water in advance and store it in set amounts, so there’s always a substantial supply available when needed. Hot water tank benefits include low upfront costs and ease of use. They’re often also more practical for large households or families that use a lot of hot water.Key Differences Between Tankless Water Heaters and Hot Water Tanks
Successfully choosing between a tankless water heater vs. traditional alternatives means fully understanding the main differences between the two. Here are some important water heater comparison factors to consider.Energy efficiency
Hot water tank energy use generally trends higher than that associated with energy-efficient tankless heaters.Installation costs
Hot water tank installation is typically cheaper. However, while tankless heater installation cost tends to be higher, maintenance costs are lower.Space requirements
If you’re worried about water heater space requirements, a tankless option is the more compact water heater. Hot water tanks take up a lot more floor space.Water supply and flow rate
Large households often require a higher water heater flow rate, making hot water tanks a smarter option. Tankless heater flow limits make those a better fit for small or low-use households.Pros and Cons of Tankless Water Heaters
Here’s a quick breakdown of the key pros and cons of a tankless water heater:- PRO: Long-term energy savings
- CON: High initial costs out of the gate
- PRO: Better space efficiency for small dwellings
- CON: Stricter limitations on water flow
- PRO: No tank to potentially leak
- CON: No hot water available during a power outage
Pros and Cons of Hot Water Tanks
Need a look at the pros and cons of a hot water tank? Here’s a look at the key examples to consider:- PRO: Easy access to high quantities of hot water
- CON: Takes time to refill once emptied
- PRO: If gas powered, can still function during a power outage
- CON: Requires more floor space
- PRO: Less expensive upfront than tankless alternatives
- CON: Standby heat can lead to energy loss
Factors to Consider When Choosing Between Tankless and Hot Water Tanks
A solid tankless vs. tank heater decision mostly amounts to personal preference, as well as the specific needs of your household. Here’s a closer look at some of the most important factors to consider when choosing a water heater.Household size
Tankless water heaters may be ideal for single-person households or small families that don’t use much water. However, larger households with a perpetual need for lots of hot water might want to go with a hot water tank.Budget and cost considerations
Tankless water heaters usually cost more upfront but are cheaper to maintain, while hot water tanks are less expensive to install but may cost you more over time. Consider whether it’s more or less practical for you to make a higher upfront investment in exchange for lower ongoing costs.Space availability
If you need a space-saving water heater, a tankless option might be just the ticket. Hot water tanks are better fits for dwellings with more available space.Frequently Asked Questions About Tankless and Traditional Water Heaters
Still have some burning tankless vs. tank heater questions? Take a look at the following water heater FAQs.How much can I save with a tankless water heater?
According to Natural Resources Canada, a tankless water heater can be up to 34 percent more effective, as compared to traditional alternatives. (Costs may vary somewhat between gas-powered and electric models.)
Do tankless water heaters run out of hot water?
Tankless water heaters provide on-demand water heating and generally don’t run out of hot water for that reason. However, they can have trouble keeping up if a lot of people or multiple appliances access the supply at one time.
Are there tax incentives for switching to tankless?
Yes, there are several types of tankless heater tax incentives to consider when making your choice. For example, Fortis BC offers rebates of up to $3,000 for switching to Energy Star tankless water heaters for qualifying British Columbia households. Additional rebates may be available for other locations.
Still have questions about which water heater is the best fit for your household?
Choosing the right water heater for your needs is all about knowing the difference between your options. A solid water heater comparison summary is always helpful, especially when it comes to tankless versus traditional heaters. Consult a professional at Pro West Heating & Air Conditioning today for a seasoned opinion.