The difference between a water heater with a storage tank and a tankless heater:
Electric water heaters may or may not have a storage tank. The advantage of opting for a tankless water heating solution is that there is no standby heat loss generally associated with storage water heaters.
The advantage of using a tankless water heater:
An electric tankless water heater manages to save on costs, reducing your energy consumption by 40% to 60%. These water heaters take up less space than a conventional water heater. These water heaters have a longer lifespan than normal water heaters and are easier to repair. The disadvantage of purchasing an electric water heater, however, is the cost, which may be double of that of a conventional heater.
Steps to ensure efficient water heating:
You can take a few measures to ensure that your water heater is energy efficient. Adding heat traps to a water-heating system will save up to $15 to $30 a month. These heat traps ensure that there is no convective heat loss from the inlet and outlet pipe. Heat traps are valves or loops of pipe that ensure that the water flows into a water heater tank but restrict hot water from flowing out. A heat trap requires professional installation.
Another way of reducing heating costs is by reducing the temperature of water being heated. For every 10-degree Fahrenheit (ºF) reduction in temperature, you can save up to 3% to 5% in energy costs. The ideal temperature to set your thermostat to is 120ºF or even 115ºF.
Another energy-saving technique to boost the performance of your water heating system is to insulate your hot water pipes. This can raise water temperature by 2ºF to 4ºF. If you are using a storage water heater, insulating the storage tank can also add to the performance of the water heater. Insulation will reduce standby heat losses by 25% to 45%. Today, there are pre-cut insulating jackets that allow you to insulate the water heater easily.
