In general, the cost to install a tankless water heater floats around the same averages from year to year. With incentives from the government and smaller units to choose from, you can save hundreds or even thousands on your water heater installation costs if you look in the right place. Continue reading if you are interested in the expenses involved and how to save money on your unit.
Tankless models are generally much less expensive to purchase and install when compared to more conventional models with tanks. This is due to the raw materials and manufacturing that go into creating a tank water heater.
The cost to install a tankless water heater can be anywhere from $1000 to $3000, depending on the labor rates and quality of the heater. Prices will vary based on other factors, as well.
Costs are Going Down Thanks to Incentives
The cost to install a tankless water heater has generally decreased over the years, thanks to numerous cash incentives available to homeowners in the United States. There are tax credits for the taking if you choose to install one of these, due to the government’s interest in lowering energy consumption nationwide.
If you decide to invest in more sustainable means of energy use, it will be more efficient and cheaper in the long run when compared to reliance on conventional water heaters.
The American Recovery and Reinvestment Act established a 30% tax credit to be given to homeowners, under certain conditions. The new heater has to claim an energy efficiency of .82 or greater in order to qualify for the tax credit. The maximum credit available to taxpayers is $1500, which is large enough to bring down the cost to install a tankless water heater. Most families and individuals would benefit from this type of cash incentive, due to the rising living expenses and dwindling of economic stability.
Other Factors that Effect Costs
Since heaters come in a variety of sizes, the cost to install a tankless water heater will vary significantly. Most manufacturers have developed different sizes for their models based on the widespread applications of water heaters – indoor, outdoor, whole-house, and single appliance use.
Due to these differences in household needs, larger and smaller units are available according to your preferences and water demands.
If you are looking to save money on installation, then you should consider finding a company that offers discount pricing. Some companies will only give lower rates on specific models, especially if they are less efficient than other units in their product inventory. You can usually find a good price if you shop around thoroughly within your local area and online.
A large unit will be more expensive to install than a smaller unit, but a lot of the expense involved will depend on the means of installation. Trained individuals can install a unit themselves, but if you are like most people and are in need of additional help with the project, you will have to consider labor rates. It is not recommended that you try to install a heater unless you find the appropriate guidance and instructions to do so.
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