Everyone needs to save money these days. Did you know that hot water costs represent 25% of the total energy costs for your home? Here are some advantages for changing your hot water heater to a tankless system – and they are not only about saving money.

1. A tankless water heater will save you around $50 a month. Traditional water heaters store the hot water at a pre-set temperature, meaning that they are continually turning on and off to maintain that temperature. A tankless system only uses power when a hot water faucet is turned on. Singles and couples will notice an even bigger saving.

ADVANTAGE 2: Tankless water heaters provide an endless flow of hot water. They never run out of hot water because they heat it on demand. Some can even run two hot showers at the same time.

ADVANTAGE 3: Gas tankless heaters are 80% energy efficient, electric tankless are 95% energy efficient, compared to a tank heater which is only 40% to 65%. They are also easy to install, operate and maintain. This will save you money and time over the life of the water heater.

ADVANTAGE 4: Tankless water heaters are versatile. They are smaller than conventional water heaters and take up much less space. There are models that can be installed in boats, mobile homes, RVs, office kitchenettes and washrooms. If large volume is required, there are models that are suited to hotels, apartment and industrial buildings and carwashes.

5. Hot water from a tankless water heater is instantaneous so no water is wasted while waiting for the water to heat up. The hot water never runs out or goes cold.

Advantage #6: a tankless hot water heater will last more than 20 years. The system may cost more to buy and install but you will save more than the difference in power, within 6 to 7 years.

7. The hot water tank of a conventional system can rust, leak, drip hot water from a faucet and explode. The tankless water heater has none of these problems.

8. You can choose to have an electric or gas tankless water heater because they are available for both power sources.

Advantage #9: the water from your tankless water heater comes directly from the water supply. The water is stored in a tank water heater and bacteria can grow and multiply in this environment.

10. Because more and more households are changing to tankless hot water heaters, the increase in demand will lower purchase prices, and improve features and styles of heaters.

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If you are taking the tankless heaters plunge and are ready to buy, you should determine which to get. Deciding between a gas tankless water heater and an electric really comes down to what you need it for. Both have their benefits.