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This simple appliance swap can cut a huge chunk out of your energy bill: '[It] will save [you] money for the next 20 years'

Many people are catching on to the tankless water heater trend.

Tankless water heaters

Photo Credit: @samisaacrealty / TikTok

The amount of energy, water, and money wasted each day is pretty mind-boggling when you stop to think about it. 

As the second-largest source of electricity consumption in U.S. households, water heaters account for nearly 20% of our electricity costs. But, thankfully, there's a solution to reduce this impact — the tankless water heater.

What is a tankless water heater?

Tankless water heaters are just what they sound like — a device that heats water without using a tank. They provide hot water on demand, when and as you need it, unlike the standard tank water heaters you're probably used to seeing.

Why tankless water heaters are so great

The biggest benefit of tankless water heaters is they require far less energy and heat than traditional water heaters — about 24% to 34% less, to be precise — so you're truly helping the planet by going this route. And your energy savings are even greater if you have a tankless heater.

On top of that, they last longer than the 10- to 15-year lifespan of traditional water tanks — usually at least 20 years, sometimes more, thanks to easily replaceable parts. They come with lower energy and operating costs to run, which conveniently helps to offset what can be a higher initial price tag.

Richard Trethewey, This Old House plumbing and heating expert, says, "Condensing tankless water heaters are so efficient, they're certified by the federal Energy Star program, making them eligible for utility rebates across the country [which are] often enough to bridge the difference in price between the more expensive condensing units and the cheaper noncondensing ones."

"Then it's basically a free or low-cost upgrade that will save money for the next 20 years or more," he adds.

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What people are saying

Many people are catching on to the tankless water heater trend. TikToker Sam Isaac (@samisaacrealty) shared a video in which he says the "typical gas-fire tank type water heater which effectively wastes 40-50% of the fuel that it burns" can be responsible for higher utility bills. 

He goes on to explain the tankless water heater alternative, which "generate[s] hot water only when you need it and for as long as you need it, effectively saving you 27% to 47% of the fuel costs [of a gas-fire tank]."

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