In Philadelphia property managers, landlords and HOAs are beginning to clamor for tankless water heaters, since most residents would rather have energy-efficient upgrades. However, you need to first understand the upfront costs of water heaters.
Here are some pertinent information on tankless water heaters before you make that switch with your Philadelphia rental properties: 3 Ways For Philadelphia Property Managers and Landlords To Stay Ahead Of The Competition
- They cost more. A traditional tank can go for $300-$600, however, tankless systems ·can go for as high as $700 – which is just the unit cost.
- They’re more expensive to install. The installation of tankless systems is not a skill possessed by every Philadelphia plumber. And those with this skill will charge more for their services.
- You can offset some of the cost through federal/state tax rebates including other incentives provided by utility providers.
- Tankless systems take more time to heat since water is not being heated continuously; rather the water is only heated on-demand. Some tenant may feel this is inconvenient.
- Energy savings. Since you’re not constantly heating water, you can save 22% and above of your energy bill with tankless systems.
- Tankless systems are made to last longer – about 20 years, compared to traditional water heaters that only last for an average of 7-10 years.
- You can save space by converting to tankless. And this can be monetized and converted as laundry, on-site storage and other rental space amenities.
Make sure you do a proper research on tankless heaters before you make the decision to replace yours. An expert Philadelphia property manager is equipped to evaluate these as well as other ROI-enhancing updates in some real world-based property assessment.
All you need to do is use this site to get information and free quotes from Philadelphia's top reviewed property management company.