LESLIE: Okey-dokes. Ronny from Kentucky’s next and you’re thinking about replacing a water heater. Is that what’s going on?
RONNY: Yes, that’s right. I was wanting to know if – I know the gas would probably be better but electric would be a lot more convenient and less work to put in.
LESLIE: Now, are you thinking about a tankless water heater or a tanked one?
RONNY: Tankless; yes, tankless water heater.
TOM: And what do you have right now, Ronny?
RONNY: I have a 40-gallon.
TOM: It’s gas or electric?
RONNY: No, it’s electric.
TOM: Well, listen, you can replace – you can use a tankless electric or you can use a tankless gas. Gas is certainly going to be more efficient than electric and it will be less expensive, of course, to run, accordingly. Now, I will say, though, that a tankless water heater’s going to be more expensive than a tanked water heater that you have now …
TOM: … but the advantage is efficiency is far superior and also longevity; they’re just going to last a lot longer. So you’ll spend a little bit more money now but you will, hopefully, save it in the long run; especially if you’re going to be in that house for quite a while.
There you go. Ronny, thanks so much for calling us at 888-MONEY-PIT.