How to Save Money on Your Water Heater Bills

Cost-Effective Tips

Most of us don’t think too much about our water heater until we start receiving inflated bills. In fact, the cost of heating water is one of the most expensive aspects of home ownership! However, there are many ways that you can save money on your water heater bills without making any big changes to your lifestyle. We will discuss some simple tips that will help you keep more money in your pocket each month! In case your water heater does not work well you should consider using hot water heater replacement service.

The first thing that you can do to save money on your water heater bills is to make sure that your unit is properly insulated. Many homes have older water heaters that are not well insulated, which causes them to lose heat and require more energy to maintain the ideal temperature. You can purchase an insulation blanket for your water heater at most hardware stores. Simply wrap the blanket around your unit and secure it in place with tape or Velcro. This simple change can save you up to 20% on your monthly energy bill!

Hot Water Heater Replacement

Another easy way to reduce the cost of heating water is to lower the thermostat setting on your unit. Most people keep their water heater set too high, which wastes energy and money. The Department of Energy recommends setting your thermostat to 120 degrees Fahrenheit in order to reduce energy costs. This simple change can save you up to $60 per year!

If you are looking for a more long-term solution, you may want to consider upgrading to a tankless water heater. Tankless units heat water on demand, which means that they are much more efficient than traditional water heaters. Although the initial cost of purchasing a tankless unit is higher, you will quickly make up the difference in savings on your energy bill. In fact, tankless water heaters can save you up to 34% on your annual energy costs!