Tankless Saves You Money
Tankless water heaters do save money end of story.
The old storage tank does not have digital temperature setting and its flame comes on at the same level each time that it ignites. The Tankless will vary depending on demand and ambient temperature of the ground water.
The tank burner will not vary according to the demand of hot water or ambient temperature of the water that it is heating in the tank or the water coming into the tank. Whereas the tankless has burners that will modulate from around 12,000 BTUs up to 259,000 BTUs and when demand has stopped so will the unit.
The storage tank will continue to heat the water till the temperature control has been satisfied and the tank water is hot and ready for the next time it needs to heat up or the next time when there is not demand. It still has to continue to heat all the time to maintain your waiting shower or whatever hot water you need.
The tank water heater will build up sediment in the tank causing the unit to require more heat to heat the same amount of water. I know that it has been said that my tank keeps out sediment but I have not changed out one tank water heater that has been in for over a year that has not had sediment in the tank.
This tank is two years old when we were called into change the system out to tankless water heater. Life of tankless is between 20 and 30 years and warranty is 12-15 years on the heat exchanger.