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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 March 29, 2021

    Life Insurance: A Secure Way To Protect Your Future.

    Life Insurance: A Secure Way To Protect Your Future.

    Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

    Importance of getting a life insurance

    No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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    On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

    Choosing the right insurance plan

    If you’re about to select an insurance plan, you should consider some important factors:

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    • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
    • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
    • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

    Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

    Differences between life insurance plans

    Here’s a short brief of some plan categories you can choose according to your needs:

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    • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
    • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
    • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
    • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
    • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

    Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

    So what are you waiting for? Plan for your future and live a happier and carefree life today.

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    Featured photo credit: aryehsampson.com via aryehsampson.com

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