Energy Prices Are High—And These Tankless Water Heaters Can Help Ease the Burden

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We don’t have to tell you that prices are high on pretty much everything right now. These days, the outrageous cost of eggs is a popular topic. And, just like groceries and other goods and services, energy costs are also on the rise. Electricity is up almost 12 percent over this time last year and fuel oil has seen a 30 percent jump — higher than food, transportation, and even medical care.

So what's a homeowner to do? We have a suggestion: invest in a tankless water heater, which can slash energy usage from 8 to 34 percent. Unlike a traditional water heater, a tankless water heater only switches on when you're using hot water, so they're much more cost-effective.

Tankless water heaters run on gas or electric, so we’ve consulted our guide listing the best tankless water heaters to give you a cost-effective option for each.

The Rheem RTEX-18 is one of the best value electric tankless water heaters out there, priced at just over $420 at the time of writing. Packing 240 volts, this electric water heater can put out as much as 4.4 gallons of water per minute. This tankless water heater allows you to adjust the water temperature yourself, thanks to its sleek LED display. And it can be easily installed on an inside wall, which means it likely won't take up as much space as your standard tank heater.

If your water heater runs on natural gas, the Rinnai V65eN is a great choice. This tankless water heater is particularly notable because it supplies hot water for up to five locations throughout your home. Like the RTEX-18, this option is also nice for optimizing space, as it's installed on the outside of your house. There's also a similar model for indoor installation, and both are 10 percent off on Amazon right now.

Ultimately, tankless water heaters can help you cut costs longterm, making it a smart investment — especially during times of inflation.

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