GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of A Tankless Water Heater

The average cost of a tankless water heater is around $1,000 to $4,500, with installation typically adding an extra $500 to $1,500.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore the average cost considerations associated with tankless water heaters, along with key statistics related to their installation, efficiency, longevity, and financial benefits. Understanding these figures can help homeowners make informed decisions when it comes to upgrading their water heating systems.

Statistic 1

"Installing a tankless water heater can result in up to 34% improved energy efficiency over traditional units."

Statistic 2

"The average cost of a low-end residential tankless water heater unit is approximately $800."

Statistic 3

"The initial expense of installing a tankless water heater is higher than traditional tank models by about $800 to $1,200."

Statistic 4

"The average cost of a tankless water heater installation ranges from $1,500 to $4,500."

Statistic 5

"Tankless water heaters can last up to 20 years, reducing long-term costs."

Statistic 6

"A tankless water heater retrofit can increase water heating system efficiency by 25-35%."

Statistic 7

"Tankless water heaters require less physical space, occupying less than 2 square feet on average."

Statistic 8

"The cost of high-efficiency tankless water heaters can reach up to $3,500."

Statistic 9

"The average cost to replace a tankless water heater nears $4,000."

Statistic 10

"The average cost of a gas-powered tankless water heater ranges from $1,000 to $2,500."

Statistic 11

"The average labor cost for installing a tankless water heater is between $500 and $1,500."

Statistic 12

"Maintenance costs for tankless water heaters can amount to $150 to $300 annually."

Statistic 13

"The return on investment (ROI) for tankless water heaters is typically realized within 10 to 15 years through energy savings."

Statistic 14

"Compact electric models can be purchased for as low as $170."

Statistic 15

"An electric tankless water heater typically costs between $500 and $1,500."

Statistic 16

"On average, a tankless water heater can save about $100 per year on energy bills."

Statistic 17

"Tankless water heaters increase home value by around 4-5%."

Statistic 18

"The federal tax credit for installing an energy-efficient tankless water heater is up to $300."

Statistic 19

"Tankless water heaters can deliver hot water at a rate of 2–5 gallons (7.6–15.2 liters) per minute."

Statistic 20

"Retrofitting a home to accommodate a tankless water heater can add an additional $1,000 to $3,000 to the installation cost."

In conclusion, while the initial cost of installing a tankless water heater may be higher than traditional models, the long-term benefits far outweigh the upfront expenses. With the potential for up to 34% improved energy efficiency, lasting up to 20 years, and providing annual savings on energy bills, tankless water heaters prove to be a cost-effective investment for homeowners. Additionally, the compact size, increased home value, federal tax credits, and improved water heating system efficiency further contribute to the overall advantages of choosing a tankless water heater. Ultimately, the statistics show that the average cost of a tankless water heater is justified by the numerous financial and practical benefits it offers in the long run.