Obviously, there are several benefits to having Steam Pipe insulation installed in your plumbing, but the primary benefit is that it will save you money. The less work your hot water heater has to do to deliver the desired temperature to your faucet, the less you're going to spend. Besides, it's quite inexpensive to have it installed and you can sometimes get a tax credit, since you're upgrading your home in an energy efficient manner. Of course, a homeowner's first response to any extra expense is usually reluctant. However, this is one expenditure you may want to consider.
Generally, pipe insulation comes in five primary types, say, fiberglass wrap, shell tubing, pink-style wrap, and foam tubing with or without tape. Which one you choose will depend on a number of factors including how much you want to spend, what your installation company prefers to work with, and the parameters of your existing system. Each of them carries with it the same basic benefits, although some are better than others. If there is a "best choice", most experts will say to go with thick foam tubing, but you can get the same results with the other types.
If you're not willing to spend a lot on getting your plumbing properly insulated, you can get some heating tape to get some basic results. It won't be as effective as spending the money for proper installation, but it's better than doing nothing. Heating tape is essentially a plastic strip that has electrical wires running through it. You can wrap this tape around your plumbing and then plug it in. Homeowners turn to this solution sometimes when they have an interest in keeping their waterworks from freezing over in the winter.
What is more, not only should you getting pipe insulation be a priority, you’d better consider giving your hot water heater a jacket as well. This isn't necessarily for tankless heaters, but if you have the traditional kind, a good jacket or blanket can keep the heat from escaping the tank. Wrap it around the tank and watch your electrical bill come down almost immediately. Some homeowners have saved as much as 40 percent off their heating costs by employing this method. Some hot water heaters come with their own insulation, however, which won't be improved by adding a jacket.