Our water heater is old and I've started noticing that the hot water is running out sooner (could be I'm taking longer showers because it warms me up) and there is more temperature fluctuations when using hot water.
I'm starting to do my research on what we need and how much it will cost and we will probably replace it at the same time as we do our bathroom remodel (which should be next month).
I've always had a tank but I'm willing to consider a tankless system since this is a long term house for us. I've read several articles that the tankless may be more energy efficient in some ways but energy bills still go up (running water longer to wait for it to heat up, more gas used, etc.) and I don't want to buy into the hype.
Priorities:
-Hot water as fast as possible.
-Enough capacity for two showers to run at the same time
-Save money over the long run.
-No/low maintenance
-Long lasting unit.
Do any of you have a tankless system? What do you like or hate about it?
Re: Hot Water Heaters: Tank vs Tankless
Oddly enough, I recently had a mystery shop where I had to discuss tankless vs. tank hot water heaters with an associate at a big box store. I was shocked at the price difference! A tankless, including installation, ran $2500 vs. about $800 (including installation) for a tank.
For me personally, that is too costly. Even for a forever home. BUT, there are only two people in my family and we only have one bathroom. Our water gets hot fairly quickly anyway. I could certainly see it possibly being worthwhile for someone with more hot water needs.
I wanted to add that since you'll be redoing your bathroom soon that may make a difference in the flow of your hot water. We replaced our hot water heater shortly after we bought our house in 2012 and redid our master bathroom last April - we noticed a bit of a difference in how long the hot water lasted after we replaced the HWH, but noticed a HUGE difference after the bathroom was redone with the new plumbing and a new shower head that didn't spew the water as much as the old one. For a temporary solution, you might want to see if you can raise the temperature of the water - ours is on one of the lower settings, but we could definitely make it hotter if we wanted to.
We could have easily gone either way because both have pros and cons.
I have builders in my family and while they don't push either way, they both think tank less are great options.
And yes, lot of natural gas/energy providers offer rebates!
We looked into this when we replaced our hot water heater last year. When we ran the numbers, it looked like it would take ~15 to 20 years of energy savings to recoup the additional cost of the tankless unit. So consider how long you plan to be in the house and how long you expect the heater to last when making your decision.
The most interesting thing I learned while researching is that the tankless heaters make the most sense for people who don't use a lot of hot water. If you don't use a lot of hot water or don't use it often, then the same water in the tank gets heated, cooled, and re-heated, resulting in energy costs. If you're using the hot water frequently, though, the tankless doesn't really save you money.