A water heater can consume a lot of electricity and is one of the appliances in your house that costs you the most money. I personally have a tankless water heater which only heats up the water when I need it. I have saved about 33% on my water heating by switching.
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Homeowners who invest in new water heaters for their homes can expect a number of benefits. These new models can reduce energy costs and qualify homeowners for federal tax credits. This Berkeley plumbing infographic explains more benefits. Source: http://www.albertnahmanplumbingca.com/653019/2013/02/27/which-water-heater-is-right-for-your-home.html