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How to Budget for a Tankless Water Heater

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How to Budget for a Tankless Water Heater

Upgrade your hot water system without breaking the bank by planning your install and using a smart payment window.

VoAtlas editorial Updated · 3 min read
Typical cost $3,400 before anything else
Across the 0% window $226.67/mo 15 months, no interest

How we got that: $3,400 spread evenly across the 15-month introductory window on the Discover it® Cash Back. Checked · at the bank Carry a balance past the window and the standard APR applies to what is left.

Switching to a tankless heater means you stop paying to keep a giant tank of water hot all day. You get hot water on demand, which saves space and lowers your utility bills over time. The actual installation usually takes a plumber one or two days to swap out the old unit and adjust the gas or electric lines.

Aim to book your installer in late summer. Plumbing demand slows down after the busy spring rush, which makes it easier to get a contractor to show up on time. Getting at least three separate quotes is non-negotiable since labor rates vary wildly for this type of specialized work.

Remember that the 0% intro APR period is a strict deadline, not free money. If you have any balance left after 15 months, the card will start charging interest on whatever is still owed, which can get expensive fast.

The steps

  1. 01

    Get three quotes

    Call three local plumbers to see how much they charge for the unit and labor. Expect to pay around $3400 for the whole project. Ask each one to itemize the cost of the unit versus their labor fee.

  2. 02

    Book in late summer

    Schedule the work for late summer when demand for plumbers dips. You are more likely to get a faster start date and maybe a better price when they aren't swamped with emergency calls.

  3. 03

    Use the Discover it® Cash Back card

    Use the Discover it® Cash Back card to cover the $3400 installation cost. This card offers 0% intro APR for 15 months on purchases and balance transfers, which lets you pay for the heater over time without adding interest charges.

  4. 04

    Set a monthly payment

    Divide your total cost by 15 to find your monthly target. You should aim to pay about $226.67 per month to clear the debt before the intro period ends.

  5. 05

    Automate your payments

    Set up an automatic bank transfer for your monthly amount. This ensures you never miss a payment and keeps you on track to clear the balance within the 15-month window.

  6. 06

    Check the card terms before you commit

    Every figure we publish for the Discover it® Cash Back carries the date a person verified it against Discover and a link to where they checked. Intro windows and APRs change without notice, so confirm the current terms before applying.

    See Discover it® Cash Back terms →

Common questions

How long does a tankless heater last?

These units generally last about 20 years with proper maintenance. That is about twice as long as a standard tank-style heater.

Will I need to upgrade my gas line?

Maybe. Tankless units need a lot of power to heat water quickly, so your plumber might need to install a wider gas pipe. Ask about this during the quote process.

Do I really need three quotes?

Yes. Prices for plumbing labor can differ by hundreds of dollars between shops. Getting three quotes keeps the contractors honest about their pricing.

What happens if I miss a payment?

Missing a payment can end your 0% intro APR benefit early. Always pay at least the minimum on time to keep the offer active.