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4 Ways You Can Save Money by Replacing Your Water Heater

Appliances are expensive, and water heaters are no exception. A new model costs a pretty penny and requires you to spend even more to power it. Considering this, it may seem counterintuitive to replace your old unit as a money-making strategy. However, upgrading your water heater can actually save more in the long run. If you’re looking to save money, here are four ways that replacing your water heater can be a smart financial move.

1. Improved Efficiency

Thanks to technological advancements, the newest water heaters tend to be more energy efficient compared to previous generations. Most household appliances also become less efficient with age as various parts accumulate wear and tear. As your unit ages, there will come a point when the benefits of a newer, more efficient water heater outweigh the cost of running your older model. Most experts recommend replacing your water heater if it’s over 10 years old and showing early signs of failure. When shopping for your new unit, look for models with an Energy Star certification, which means the manufacturer has met strict energy consumption guidelines from the U.S. government.

2. No Repair Costs

In most cases, an outdated water heater requires more maintenance and repairs to continue working as intended. On the other hand, a brand-new model works right out of the box, and any early malfunctions are usually covered under warranty. If your current unit experiences regular leaks, strange noises, discolored water, and other issues, the money you spend on repairs and maintenance over the next two years could potentially cover the cost of a brand-new water heater. In this case, it would be more economical to upgrade to a new model and enjoy many more years with a water heater that actually works.

3. Opportunity to Downsize

If your water heater is larger than what you and your family need, you could be wasting money on the extra energy required to heat and store an unnecessarily high volume of hot water. Replacing your water heater presents an opportunity to install a unit with a smaller tank that better fits your lifestyle and translates to savings in your energy bill. For even more energy savings, consider a tankless model that heats water on demand rather than storing it.

4. Possibility of Rebate or Tax Credit

In some municipalities, your state government or your utility company may offer rebates for households that replace old appliances with more energy-efficient models. These types of programs are commonly offered to encourage more members of the public to consume less energy, which benefits the community. If a rebate or tax credit is available where you live, it may cover a significant portion of the cost of purchasing and installing a new unit, making the initial investment a little easier to swallow.

Call an Expert

Whether you’re looking to replace, repair, or modify your water heater to save more money, a trained professional has the knowledge and tools needed to get your project off on the right foot. For more information about new water heater installation in Monroe, LA, contact the friendly technicians at Gordon AC & Plumbing.