A tankless hot water heater operates by warming cold water as it travels through your pipes via a gas or electric heating element. This eliminates the need for a storage tank and provides your home with an endless supply of hot water.
There are many reasons why switching to a tankless hot water heater may be for you. The first reason is that they have a longer lifespan. While your average tank heater lasts 10 to 13 years, a tankless one lasts approximately 20 years. Next is the space you will save by switching. The average tank water heater with a 40 to 60-gallon capacity is usually about 60 inches tall and 24 inches wide. In contrast, a tankless heater is about 28 inches tall and 20 inches wide, give you a lot more storage space than you had before. Perhaps the biggest advantage of all is the energy savings, which will lower your monthly gas or electric bills because you are no longer constantly warming a tank of water which may or may not be used. Even if you are someone who uses a lot of hot water, tankless heaters are still 8 to 14 percent more efficient, which translates into more money in your pocket.
However, there are some aspects of tankless water heaters that you may consider to be drawbacks. First, tankless water heaters typically cost $1000, which is more expensive than a basic tank heater. Additionally, tankless water heaters are only able to supply a few gallons of water throughout your home at a time. Therefore, running a shower, washing machine, and dishwasher concurrently may overstretch their capacity.