You have a tank based heating system and you heard that a tankless heating system is much more efficient. This is true because a tankless water heater only warms the water up when you use it. The heater is also working only when hot water is used. This way, in comparison to the standard heater, you can have hot water anytime and the water heating bills will be lower. Now, if you are wondering how much it would cost to change your heating system, you are in luck, because that’s what we will try to explain in this article.
First, you might think it is possible to go from the standard heater to a tankless heater. I’m afraid that might be too difficult. Much easier and more cost effective is to remove the old system and install a new one. The installation of the new heating system might cost 2-4 times more then than the cost of the standard system. Also, if it is an electric heating system you should first check if your panel can handle that much electricity. You might also need heavier cable and more circuitry. These are all things that will increase the installation costs.
As for the gas heating system, you might need bigger gas pipes. The cost of a tankless unit that delivers hot water can start from $200 to $1200 for a heating system which heats 5 gallons of water per minute. $1200 isn’t the most expensive tankless heating system; there are also units that cost more. Everything you need to understand is that the more gallons it delivers per minute, the more it costs. Quality and efficiency are obviously the biggest factors.
Now you know it will be expensive to install a tankless heating system. However, you might want to know if at least you can save money because this system requires less power than a tank based heating system. Well if you choose an electric heating system the electric bill will be 10% to 20% lower than before. Having a gas heating system will lower the bill to 20%-40%. That means you might consider the installation of a tankless heating system as an investment. One more thing that will be very important to your future costs is that a tankless heating system has a longer life than a tank based heating system. A tank based system can last somewhere between 10 and 15 years, while a tankless water heater lasts even more than 20 years!
In conclusion, changing your water heating system might be a headache and it will cost a lot of money, but it the end it will be worth it. You can see it as an investment. At first you suffer a lot but sometime along the way it will pay off!