Heatworks MODEL 3 Selected as One of TIME Magazines Top 50 Inventions

Most water heaters consume massive amounts of power, ratcheting up families' energy bills in the process. The designers at Heatworks are looking to fix that with the MODEL 3 Smart Water Heater. Unlike other heaters, which heat water in a tank using metal components, the MODEL 3 sends electrical current through the water, heating it up quickly and only when residents actually need it. Using a companion app, owners can also track their water usage, set a maximum temperature and even limit shower times, further helping to curtail costs. At $799, the MODEL 3 is more expensive than many other water heaters, but the energy savings may well add up fast: Heatworks estimates that the device will save the average family of four $240 a year.