I replaced my hot water heater about 18 months ago and was very seriously considering a tankless. I worked with a great plumber who gave me the four options below. I went with option one. It is a Heat pump hybrid water heater. I'd never heard of them but it has been working great for me. No problem with running out of hot water. I would seriously consider looking into this option. It does seem to outshine the tankless in functionality and energy efficiency. It is eligible for an energy tax credit as well. Just something else you might consider.
Below are all four options with cost to install. I replaced a 20 year-old electric water heater. I was lucky that it had not started leaking yet.
1. Install AO Smith Heat pump hybrid water heater in attached shed. 2.33 energy factor, average operating cost $195/yr: cost $2500 to install.
2. Install Takagi T-K4-OS tankless water heater on outside wall near gas meter with pipe cover. 0.84 energy factor, average operating cost $224/yr: cost $3300 to install
I3. Install Navien NR-180A Condensing tankless water heater installed on outside wall near gas meter. 0.96
energy factor, average operating cost $203/yr: cost $4400 to install
4. Install 50 gallon Electric tank heater in crawlspace at same location as existing tank. 0.59 energy factor,
average operating cost $520/yr: cost $1160 to install.
Ande in NC
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