When it comes to choosing a new or replacement water heater for your home, you have a choice between storage tank systems and tankless systems. But which is better? Both options offer unique pros and cons. The best choice for you will depend on various factors, including energy performance, the cost involved, and longevity. 

Here's how the two main water heater options compare based on the aforementioned factors.

Energy Performance

As energy prices rise, homeowners are increasingly looking for ways of cutting their water heating costs. As a result, several homeowners are ditching their older appliances for more energy-efficient models. 

Tankless water heaters are generally more energy-efficient than their tank-based cousins who've been around longer. The former type of water heater helps to save more energy in two ways. First off, tankless models eliminate the need to continuously heat water stored in a tank. Second, they only provide water on demand, meaning energy is only used when hot water is needed. This quality makes tankless hot water systems a better choice for homeowners looking to realise the most energy savings. 

Costs Involved

On-demand water heaters are more expensive to install compared to conventional tank water heaters. But they're cheaper to operate in the long run. The right type of water heater for your home depends on your financial goals. 

Do you prefer to incur higher initial costs so you can enjoy lower operating costs down the line? Or, will you stick to the traditional tank water heater because you can't afford the installation costs for a tankless system? 

Assessing your current financial situation is critical to determining the best water heating system for your home.

Longevity

Water heater replacement costs a lot of money, so you should consider how long your water heater will last. Greater longevity is desirable, of course, but the energy performance and cost of installing a water heater are important considerations too. 

Aside from providing more efficient water heating service, tankless hot water systems also outlast their storage tank equivalents. The longevity of these water heaters combined with their lower operating costs offsets their higher initial price.

Owing to the various advantages that they offer over traditional storage tank water heaters, tankless hot water systems are a worthy upgrade. However, if you already use a storage tank water heater, the cost of retrofitting your home to accommodate a tankless system may be prohibitive. Fortunately, there are newer, more efficient tank water heaters that can lower your energy usage and costs. Feel free to contact a hot water plumber if you need advice on the best hot water system for your home.