Growth of Tankless Water Installations in Multifamily Buildings
There will come a time when that old, beat up water tank that’s been sitting in your basement will give out. Sure, it’s done the job over the last number of years, but advancements in technology have given rise to new solutions that may be a better fit for your home. Or, maybe you’re a landlord and are looking for cost effective ways to reduce your tenants utility costs and made your apartments more attractive in the process. Rather than using your traditional, bulky hot water tank, you may want to consider a different option. Tankless water heater installations have several advantages that may make them worthwhile investments. Lets first take a look at how the technology works and why they might be the perfect fit for your income property.
Long Terms Savings
Besides aesthetics advantages, on-demand heaters tankless are generally more energy efficient than their larger storage tank cousins—especially so for low occupancy units—because tankless water heaters don’t heat water when not in use. Giving them an energy savings of 24%–34% over their bulky conventional counterparts. This results in a lucrative, lower cost for tenants and landlords looking to save some cash on their utility bills.
Additionally, there is a lower chance of flooding from a broken tank, potentially saving you from high repair and cleaning costs in the event of a leak. Not to mention there also may be government financial incentives to moving to a tankless system. While this will vary from location to location, these incentives can be significant and help ease the up front cost of installing a tankless system.
Easier to Live With
There are some things every home needs, be it a refrigerator, oven, or hot water tank. While some of these appliance look good in a kitchen, your typical hot water tank is not one of them. Hence why for large multi-unit buildings, many architects design buildings to have hot water tanks far away from the units, typically in the basement, which is very energy inefficient.
Thankfully, a tankless system can be hidden right in the unit, much easier than that the huge tank systems so common in the past. Some units can be installed in cupboards or under counters, while others can also be installed outside once retrofitted with an anti-freeze kit (if the unit is on the ground floor).
Modern units often times come with a remote control so that you can adjust the temperature of the water from further away, however these tankless systems are commonly installed closer to the areas of the home that will require the hot water. Lastly, you’ll never hear complaints over the hot water running out, as these units sit between where the water line comes into the home and where the hot water is used, so there is always a continuous source of water that is instantly heated.
Potentially Better for the Environment
Certain types of units, electric for example, will not emit greenhouse gases – which these days can be marketed as a bonus to your living unit you’re trying to rent. People are much more conscientious about the environment, and advertising an environmentally friendly water heating solution can be a very attractive feature that may help sell your living space over any others that potential renters were considering. Additionally, tankless systems only heat the water that is used at that time and there is no standby heat loss.
There are also some other considerations when to moving to a tankless system such as:
- Price range for these systems run from about $500 (electric) to up to $2000 (gas) for full house systems.
- Electric models usually cost less to install than their gas counterparts.
- Price of natural gas is expected to surpass that of electricity in the coming years.
All in all, having a tankless water heater installed is usually a sound choice when either replacing an old tank unit or building a new residence. There are many advantages to having one heat the water in the home from financial to convenience. As technology continues to advance, expect even better energy efficiency to help heat the water in your home while also saving you money in the long run.
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