04/27/07, 01:54 PM
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Join Date: Jan 2004
Location: WI
Posts: 2,180
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We aren't using off peak rate, just regular straight rate, and were saving enough to make it worth while. Part of the reason that it worked so well for us is that we used 90% of our hot water between 6am and 9am, and only enough to wash dishes later in the day, so we had the water heater "on" during the time everyone might be taking showers, baths, breakfast dishes, etc. And, if all we needed for hot water later in the day was to do dishes, it is quick and easy to heat up a teakettle of water on the stove instead of turning on the water heater again.
Regarding instant or point of use or tankless water heaters--I just looked at an ad from Home Depot or some similar place, and a tankless water heater (gas) was on sale for $999, not including vent or installation, and an electric 50 gallon was around $400 and a 40 gallon gas was around $500. The gas or electric tank type would be cheaper to install, as you probably could buy a model to directlly replace an existing unit, while for the tankless type you would have plumbing changes in addition to adding the vent. I had been seriously thinking of a tankless unit, but decided it wouldn't pay to replace my functioning propane 40 gallon tank unit with anything until it starts to leak or otherwise needs replacement. Just not cost effective.
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