Just like traditional storage type water heaters tankless water heaters are essential for your household and not a luxury commodity. And we buy any essential device based on our requirements and functionalities of the device rather than the price of the device.
So when you decide to replace your existing conventional storage water heater with a tankless water heater make sure to have all your requirements listed out and set your budget limits. Then shortlist a set of heaters based on their specifications meet your requirements and budget.
Yes, we cannot completely deny the fact that expensive tankless water heaters have better build quality, durability, performance and energy efficiency and thus making up for the high initial investment in the long run. But you have to decide if the high price of the expensive model is justified. Just blindly going for an expensive heater does not make sense.
Expensive tankless water heaters, in the range of 1500 dollars and above, from reputable brands are built with high quality materials that are rust-proof and durable, and can last for more than 25years. If you are looking to install a water heater in your permanent residence, it would be better to go for a reputed brand. But on the other hand if you don’t plan to shift your place after few years, it is better to go for cheaper ones. This is suggested keeping in mind the high installation cost of these tankless water heaters.