Water heaters are fantastic inventions. Not only do they save you the hassle of having to heat your water manually to enjoy a warm bath, but they can also deliver hot water to multiple exit points throughout your house at any one point in time, providing you with hot water on-demand, year-round.

But every once in awhile, you may need to have to talk to your plumber about scheduling a new water heater installation, either because yours has gone out or you're wanting to upgrade to a newer system. While replacing your water heater can be expensive, there are a variety of ways that doing so can actually save you money in the long run.

Fewer Repairs

Traditional storage tank heaters operate by filling a gigantic tank of water, heating it, and then distributing it throughout your house. Over time, this standing water will cause the items inside your tank to deteriorate, causing sediment buildup that can eat away at the inside of your tank or aging your anode rod and heating ailments. Once your water heater is around seven or eight years old, you'll notice that these items need to be replaced and that the repairs, in general, are much more frequent. A new water heater cuts down on these repairs significantly, and that new warranty that accompanies it should take care of any financial burden for at least a year.

Increased Energy Savings

No matter how old your water heater is, there's no doubt that newer models are much more energy-efficient than they used to be. Tankless water heaters are even more so, cutting down on your energy bill significantly by not having to keep water continually hot, but by heating the water as it passes through a series of pipes. Over time, this slight energy shift can add up to hundreds if not thousands of dollars in lower utility bills, keeping more money in your pocket where it belongs.

Increased Resale Value

You may not realize it, but having a tankless water heater may be one of the best investments you make in your home's resale value. A recent study suggested that homes that had a tankless water heater installation sold for 4% more than other houses, and sold a month and 50% faster as well.

While this applies specifically to tankless water heaters, there's no doubt that scheduling a new water heater to be installed in your home can only help your home's resale value, so if you're looking to move, take heart in the fact that you will recoup at least some of the cost of a water heater installation when you sell your home.