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6 Things to Consider Before Installing a Tankless Water Heater

6 Things to Consider Before Installing a Tankless Water Heater

Are you in the market for a new water heater? Are you thinking about going tankless? If your answer is yes, then you have probably heard about its energy-saving features. But, before you run out and buy one, make sure you know the facts as there’s a lot more to know. Here are six things about tankless water heaters to consider before installation.

Initial Cost

Money

    Image via Flickr by 401(k) 2013

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    One of the first things to consider when comparing traditional water heaters with tankless water heaters is their difference in cost. Prices range anywhere from the low $200s to over $3,000, and that does not include installation costs. Plus, you get what you pay for — don’t expect a $200 tankless water heater to supply enough hot water for a large home quickly.

    Multitasking

    Tankless water heaters are ideal for homes that do not need multiple hot water sources running at the same time. If you want to multitask with a tankless water heater, consider purchasing a larger unit to make sure there is enough hot water to meet your needs. Additionally, be aware that water temperatures may fluctuate as the heating coils keep up with the output of water.

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    Storage Tank Option

    Although many people like tankless water heaters because of their lack of tank, it is important to consider whether you want a water storage tank. If you like having instantaneous hot water, or you plan on multitasking, you will want to think about adding a storage tank. Storage tanks vary in size and accommodate a range of needs.

    Energy-Saving

    It is only natural to want to save money, and Energy Star statistics state that a tankless water heater will save you an average of $95 per year compared to an energy-saving conventional water heater that can save you $20 per year. Although that may not seem like a large savings, it amounts to approximately $1,500 more saved over a lifetime.

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    Space Saving

    A newer trend among builders and homeowners is to maximize every square foot of a home. Not that there was a ton of wasted space in the past, but spaces such as under the stairs, utility closets, and garage space are now optimized for use. A standard water heater requires several square feet of space both in diameter and in height for it to exist. However, a tankless water heater is wall mounted and leaves plenty of room for you to use the extra space for storage or other utility. Plus, if you are looking to sell your home and you have a tankless water heater, you have more usable space, which increases the value of your home.

    Repairs

    Tankless water heaters have many more parts than traditional water heaters. What does this mean? There is the potential for more repairs and thus more repair costs. You may say “that’s no big deal because the warranty will cover it,” but are you sure? Many companies are not offering warranties on these products because they haven’t been around long enough to know how long they will last, and many manufacturers are out of business before a repair is needed.

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    So ask yourself, “Am I going to save more money in energy savings than I am going to spend on repairs?” If the answer is yes, great. If the answer is no, then you have to base your tankless water heater decision on the other factors.

    As you can see, there is a lot to consider when choosing whether to install a tankless water heater. Don’t make this decision based on product hype — know the facts, and base your decision on what is best for your home.

    Featured photo credit: Image via Flickr by 401(k) 2013 via flickr.com

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    Last Updated on June 25, 2019

    5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

    5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

    Millionaires and billionaires read more than you think. In fact, the likes of Warren Buffet are said to read 1.000 pages a day. As the old saying goes “There’s no smoke without fire”; so, start off with these 5 incredible books!

    1. The 48 Laws of Power

    48-laws-of-power

      “If you are unsure of a course of action, do not attempt it. Your doubts and hesitations will infect your execution. Timidity is dangerous: Better to enter with boldness. Any mistakes you commit through audacity are easily corrected with more audacity. Everyone admires the bold; no one honors the timid.”

      On your journey to becoming a millionaire in your 20’s, there will be many people trying to manipulate you into doing what they want. This international bestseller by Robert Greene is the widely read by those in the entertainment industry because of its dog-eat-dog environment. This book is a must-read for anybody who wants to claim power and keep it. it’s a fun read that tells the story of some of the most powerful people in history.

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      An example of a law of power is: Always say less than necessary.

      • When trying to impress, the more you say the more common you look and less in control.
      • Be vague.
      • Powerful people impress and intimidate by saying less.

      2. Influence: The Psychology of Persuasion

      influence-the-psychology-of-persuasion

        “Often we don’t realize that our attitude toward something has been influenced by the number of times we have been exposed to it in the past.”

        This book explains the core strategies people use to influence others using real world examples. Robert Cialdini’s book goes over human quirks like the need to be consistent, and how you can use that in your marketing strategy to make more money. “People’s ability to understand the factors that affect their behaviour is surprisingly poor,” Cialdini says, “which leads to people making poor decisions without realising why.”

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        Cialdini includes real world examples of why people join cults, buy certain jewellery, or give to charity.

        3. Blue Ocean Strategy

        blue-ocean-strategy

          “Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space. Value innovation places equal emphasis on value.”

          This book argues that leading companies don’t succeed by battling competitors in “Red Oceans”, but by creating “Blue Oceans” where they have uncontested market space to grow. It goes over case studies like “Cirque Du Soleil” who created a blue ocean by creating a circus platform that didn’t include animals or more than one act on at once but instead, decided to focus on talented performers and music who created a mystical storyline.

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          4. The Fountainhead

          the-fountainhead

            “A man’s spirit is himself. That entity which is his consciousness. To think, to feel, to judge, to act are functions of the ego.”

            The Fountainhead takes place in the United States, mostly in New York City, during the 1920s and 1930s. Billionaire Mark Cuban named his yacht “Fountainhead” after this book. This classic novel is about the struggles of an innovative architect named Howard Roark and his effort to achieve success on his own terms. Many entrepreneurs are inspired by this book because it depicts how you should be uncompromising when it comes to your vision and your goals. If you follow this way of life, you develop the ability to change the world and creating something unique.

            5. The Compound Effect

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            the-compound-effect

              “Do you know how the casinos make so much money in Vegas? Because they track every table, every winner, every hour. Why do Olympic trainers get paid top dollar? Because they track every workout, every calorie, and every micronutrient for their athletes. All winners are trackers.”

              This book is by Darren Hardy the CEO of Success Magazine, he goes over how it’s the small, seemingly insignificant choices that compound to create success or failure over time. No one has a plan to be broke and fat but that’s what happens when you don’t have a plan and go along the path of least resistance. Hardy argues that you cannot improve something until you measure it and to always take 100 percent responsibility for everything that happens to you.

              So, those are five books you must read if you want to give it a try to become a millionaire in your 20’s. What are the best books you have ever read? Leave a comment and share these life-changing books with your friends to help them become successful like you.

              Featured photo credit: Bill Gates Foundation via businessinsider.com

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