The Benefits of a Tankless Water Heater in Your Investment Property
Investing in a tankless water heater for your property can provide numerous benefits, such as energy efficiency and cost savings. In this article, we will explore the advantages of installing a tankless water heater in your investment property, and how it can positively impact your bottom line. We will also discuss the various types of tankless water heaters available, and provide valuable insights for real estate investors, homeowners, first-time home buyers, and real estate agents.
What is a Tankless Water Heater?
A tankless water heater, also known as an on-demand or instantaneous water heater, is a device that heats water only when it is needed. Unlike traditional water heaters that store and continuously heat a large tank of water, tankless water heaters heat water directly as it flows through the unit. This eliminates the need for a storage tank and provides hot water on demand, resulting in increased energy efficiency and cost savings.
Benefits of a Tankless Water Heater
There are several key benefits to installing a tankless water heater in your investment property, including:
- Energy efficiency
- Cost savings
- Space savings
- Longer lifespan
- Increased property value
Tankless water heaters are significantly more energy-efficient than traditional water heaters. According to the U.S. Department of Energy, tankless water heaters can be up to 34% more energy-efficient than storage tank water heaters for homes that use 41 gallons or less of hot water daily. This increased efficiency can result in substantial energy savings for property owners and tenants alike.
Due to their energy efficiency, tankless water heaters can lead to significant cost savings on utility bills. The U.S. Department of Energy estimates that a tankless water heater can save a typical family more than $100 per year on their water heating costs. Over the lifespan of the unit, these savings can add up to thousands of dollars, making it a wise investment for property owners.
Tankless water heaters are compact and can be mounted on a wall, freeing up valuable floor space in your property. This can be especially beneficial in smaller homes or apartments where space is at a premium. Additionally, the sleek design of tankless water heaters can add a modern touch to your property’s aesthetic.
On average, tankless water heaters have a longer lifespan than traditional water heaters. While storage tank water heaters typically last 10-15 years, tankless water heaters can last up to 20 years or more with proper maintenance. This means that you’ll need to replace the unit less frequently, saving you money on replacement costs and reducing the environmental impact of disposing of old units.
Increased Property Value
Installing a tankless water heater can increase the value of your investment property. Energy-efficient upgrades are highly sought after by home buyers and renters, and a tankless water heater can be a major selling point. According to a study by the National Association of Home Builders, 90% of home buyers are willing to pay more for a home with energy-efficient features, such as a tankless water heater.
Types of Tankless Water Heaters
There are two main types of tankless water heaters: electric and gas-powered. Each type has its own set of advantages and disadvantages, which we will discuss below.
- Electric Tankless Water Heaters
- Gas-Powered Tankless Water Heaters
Electric Tankless Water Heaters
Electric tankless water heaters use electricity to heat the water, making them highly energy-efficient. They are typically easier and less expensive to install than gas-powered units, as they do not require venting or a gas line. However, electric tankless water heaters may require a higher electrical capacity, which could necessitate an upgrade to your property’s electrical system.
Gas-Powered Tankless Water Heaters
Gas-powered tankless water heaters use natural gas or propane to heat the water. They generally have a higher flow rate than electric units, making them better suited for larger households or properties with multiple bathrooms. However, gas-powered units require venting and a gas line, which can increase installation costs. Additionally, they may not be as energy-efficient as electric models, depending on the efficiency of the gas burner.
In conclusion, installing a tankless water heater in your investment property can provide numerous benefits, including energy efficiency, cost savings, space savings, a longer lifespan, and increased property value. By carefully considering the type of tankless water heater that best suits your property’s needs, you can make a wise investment that will benefit both you and your tenants for years to come.