It’s your turn to take a shower but you’re pacing in circles because all the hot water is gone, oh and its mid-winter and all you want to do is take a hot shower.
Have you ever been in this situation? You might want to consider a tankless hot water heater, also known as demand-type or instantaneous water heater. Tankless water heaters can avoid the standby heat losses associated with storage water heaters.
Tankless heaters provide hot water only as it is needed. They don't produce the standby energy losses associated with storage water heaters, which can save you as much as $100 or more annually on your water heating bills.
The initial cost of a tankless water heater is greater than that of a conventional storage water heater, but tankless water heaters have a life expectancy of more than 20 years. They also have easily replaceable parts that extend their life by many more years. In contrast, storage water heaters last 10–15 years.
Proper installation depends on many factors including fuel type, climate, local building code requirements, and safety issues, especially concerning the combustion of gas-fired water heaters. Having a qualified plumbing and heating contractor install your demand water heater is highly recommended!
So here's the point, a tankless hot water heater consumes less energy, which in the long run will save you money!