Monique O'Grady: Heating water is the second highest home energy cost. Accounting for about 15% of your energy bills. But if you use a high efficiency water heater you will save tons of money and energy.
Compared to conventional water heaters efficient models use 10 to 50% less energy. And if you are in the market to change your home's water heating, consider buying a tankless water heater, regular water heaters are constantly using energy to keep a tank of water hot at all times.
But an energy star qualified tankless water heater can cut your water heating cost by 30% and save you more than $100 a year, all while providing you with continuous hot water on demand. Plus, most tankless water heaters have a lifespan of more than 20 years which is much longer than conventional water heaters.
But if you aren't ready to buy a new water heater there are other ways to save energy. One example, insulate your water heater storage tank. Test if first, a tank that's warm to the touch needs more insulation. Adding insulation can reduce heat loss by 25 to 45%.
Another tip, if you have an electric water heater you can install a timer. Then time it so you turn your heater off at night when you don't use hot water or during your utility peak demand times to save energy and money.
So keep your water hot and your bills low by making smart choices in your home.