|
On-demand |
Electric hot water tank |
Quick-recovery oil hot water tank |
 |
| Cost of unit |
Suggested Retail of Rinnai Continuum model #2532-FFU $1265 |
Suggested retail of leading brand hot water tank $170 |
Typical cost for a 50 gallon tank $1300 |
|
| Installation cost (labor + materials) |
4 hours at $60 per hour |
$250 |
4 hours at $45 per hour |
|
| Fuel costs for 20 years (assuming no increase or decrease based on 2003 average costs) |
An average family of four uses 700 gallons of hot water per week. Cost of propane to heat this at $1.83/gal is $7.35 per week. |
An average family of four uses 700 gallons of hot water per week. Cost of propane to heat this at $0.13 / kwh is $13.56 per week. |
An average family of four uses 700 gallons of hot water per week. Cost of oil to heat this at $1.55 / gal is $5.31 per week. |
|
| Replacement unit & installation cost after 6 years |
NA |
Typical longevity for a tank is 3 to 6 years. Adjusted for inflation at 1% per year. Replacement cost after 6 years $445 |
Typical longevity for a tank is 3 to 6 years. Adjusted for inflation at 1% per year. Replacement cost after 6 years $1568 |
|
| Replacement unit & installation cost after 12 years |
NA |
Typical longevity for a tank is 3 to 6 years. Adjusted for inflation at 1% per year. Replacement cost after 12 years $472 |
Typical longevity for a tank is 3 to 6 years. Adjusted for inflation at 1% per year. Replacement cost after 12 years $1662 |
|
| Total costs for 20 years |
$9,149 |
$15,940 |
$11,994 |
|
| Savings after 5 years |
|
$1,298 |
$907 |
|
| Savings after 20 years |
|
$6,791 |
$2,845 |
