Save Money With Tankless Water Heaters Hot water heating accounts for about 20% (or more) of the average North American household's annual energy costs. With energy prices rising day by day it is becoming important to take a closer look at where the money is going.The average yearly cost for a conventional gas or electric storage hot water heater is approximately $500 for a 1300sq.ft. 4 member family home. It lowers or increases...... Similar Editorial : by Brian Jenkins. | Source : Silver Dollar Money