I wanted to ask experienced investors participating in this great REIN forum: have you installed tankless water heaters in your investment properties and are you happy you did (or did not)?
I istalled a tankless water heater in a townhouse condominium.
I did it when converting from electric baseboard heaters and an electric water heater. Listening to the experts the tankless water heater leaves to lowest corbon footprint and I also got the biggest rebate on the ecoEnergy program. The drawback is the rental fees are about $32 compared to $18/month for the tank gas water heater so you will need to convince the tenant who I assume is paying the rental cost that the savings in gas will be offset by going tankless.
My house inspector indicated the tankless heater exhausts can freeze in winter but in this long and awful Ontario winter we have had this year, there has been no problem. Tankless water heaters are used primarily in England and Japan were it does not get as cold as here.
The other nice thing about the tankless in a townhouse is it frees up space as the unit is compact and hangs on the wall.
Overall I have had no problem with it and supposedly am doing the right thing for the enviroment.
Good to know about the freezing issue (potential issue, I understand you did not have any yet). how significant is the rebate? is it true that it can be VERY expensive to install that or not always possible? In my case it`s a 100 years old triplex with two 1-bedrooms and one 2-bedroom apartments.
The ecoEnergy rebate is $200 for tankless water heaters. In Ontario the Provincial Government will match the rebate but I am not sure of the policy in other provinces. The program is explained in the link below: http://www.ecoaction.gc.ca/ecoenergy-ecoen...e/index-eng.cfm
If you are upgrading your triplex with new windows and other energy saving features there could be more rebates to be had. To get these rebates however you need an energy inspection before you start renovations and then after which will cost you around $500 so make sure you are doing enough to justify this expense.
In the case of just the tankless water heater your heating contractor can usually get you this rebate however I am not sure of the mechanisms of doing this. My only warning is get a few quotes as usual. When these contractors know you are going for the rebate their prices automatically go up by the rebate amount and by getting the rebate you end up back at the usual price. They seem to have worked out homeowner`s thresehold for pain quite accuratley.
The tankless water heater requires quite large gas pipes. I think it is anywhere from 1/2" to 3/4" which is probably larger then what is there now. You would need to plumb in larger lines. With my townhouse all my gas lines where coming in new so it was not an issue. The gas company will charge plenty. When I contacted Reliance on another home I have, the charge was anywhere from $500-$1000. You will probably get a better deal with a heating contractor.
I have not had any trouble with the freezing exhaust. You pocket the rebate and have the tenant pay the rental fee so it worked out for me.