The technicians at Fort Collins say that there is no direct answer to this question. It’s because there is no one type of water heater that is right for every home or every homeowner. They can help to better understand both the pros and the cons of the tank and tankless water heaters. That way, one can make an educated decision for oneself.
With that in mind, the following are the points one should know when choosing a type of water heater:
Initial Cost
The first thing that most homeowners look at when investing in any new system for their homes is the price tag associated with those systems. And that price tag is what can send some budget-minded homeowners running to the tank water heater section.
There’s no getting around it. A tankless water heater is going to cost more to purchase. Because the upfront cost of a tankless water heater is more than a tank water heater. Much more, depending upon which models of each system one is looking at. It’s also important that one keeps in mind how long one plans to be at home.
System Lifespan
Serious energy savings over additional years or projected lifespan can result in long-term returns
If one is going to be at home for the foreseeable future and is a type of homeowner that likes to hang on to the items one purchases for as long as possible, then a tankless water heater definitely might make the most sense.
An average tank water heater is likely going to last about 12 years. Some go longer, of course, but that’s the average. A tankless water heater, on the other hand, will typically last to and beyond 20 years of age.
Energy Efficiency
Tankless water heaters do not use hot water tanks to store water, they heat water in an on-demand fashion, instead, they aren’t subject to standby energy loss i.e. when one store's hot water in a tank, some of that heat will inevitably transfer through the tank and into the cooler air surrounding it.
Currently, modern hot water tanks are more efficient than ever before. And they can be further insulated with insulating jacket materials. But, with the extensive lifespan of the tankless water heater, serious energy savings over additional years or projected lifespan can result in long-term returns, even if the initial investment is higher.
