Technology for tankless water heaters has advanced to the point that price seems to be the only obstacle to using them on all new residential construction. Here are some advantages:
Energy savings is the biggest reason people use tankless water heaters.
You never run out of hot water. That’s right. Even if two or more people are using using hot water at the same time.
Space - is a lesser known advantage. The 30-50 gallon traditional water heaters take up a lot of space
Location - Tankless water heaters can’t be mounted just anywhere, but almost. You can locate them in places you would never put a traditional water heater. That’s partly because there are no tanks that will eventually leak and create water damage to anything below them. But like all gas water heaters they must be vented (although electric tankless water heaters are also available).
Instant hot water - if your home is plumbed for it. This feature requires extra plumbing to create a circuit for the water to circulate in while being kept hot. This does reduce the energy savings advantage. It might be a good idea to ask your plumber if your hot water pipes can be insulated.
So, are there any disadvantages? Yes:
Cost as mentioned above.
Lag - If you don’t install the heating circuit mentioned above, it will take longer to get hot water to your faucet.
How Stuff Works has a great article on their website with more details.
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