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Tankless water heaters won’t increase your electric bill. Since tankless water heaters are more efficient than tank water heaters, installing one in your home will actually allow you to save money on your electric bill. The Department of Energy estimates you can save $100 or more each year with a high-efficiency tankless water heater.

Upgrading your electrical panel is often worth the cost for safety, improved electrical performance, and potential long-term savings. A primary benefit is preventing electrical fires and other hazards from a malfunctioning panel, ensuring your household's safety. An upgraded panel also provides a steady flow of electricity, eliminating issues like flickering lights and frequently tripped breakers. It allows you to connect additional appliances without overloading the system, which is especially beneficial for older homes with 100-amp service that are prone to overheating. If you run large appliances like central air conditioning, heating systems, hot tubs, or saunas, you might consider upgrading to a 300- or 400-amp service to meet the higher electrical demand. Furthermore, an upgrade can lead to long-term savings on energy bills and potentially lower insurance costs.

Yes, an electrical fire can start even if nothing is plugged into an outlet. While a correctly functioning outlet poses no risk, a fire can be caused by faulty wiring, damaged outlet components, an overloaded circuit, or other electrical problems hidden behind the walls. If you suspect a fault, immediately turn off the circuit breaker and contact a professional electrician to diagnose and repair the issue.

This type of conversion is easy—you’ll just need to upgrade to the correct amperage in your wires before wiring the new outlet. However, these projects can be tricky without intermediate electrical knowledge, so consider consulting a pro before flipping any switches on your circuit breaker.