The talk in home water heating circles these days is all about no-tank water heating - here is a run down of the world of the tankless electric water heater:
Tankless hot water heaters in general enjoy various advantages over tank heated hot water. For a start these units offer as much hot water as you need as often as you want it - the third person in the shower is not going to have to suffer lukewarm water! (You will know how important this is if you ever have had this problem...)
Look to your pocket - stop wasting your cash (not to mention the world energy supply) by boiling up water that you do not really want. Instant hot water heaters just heat the H20 that you need, so that is all you foot the bill for.
Unlike say gas tankless water heaters, electric tankless water heaters just get connected to your mains electricity supply. If you have electric light, you can have instant hot water.
You could argue that no other water heating system compare to the eclectically powered version. It is a newish technology and the boxes are filled with the latest high tech safety gizmos for the protection of your family. For example, you can set them to avoid any chance of too hot water causing scalding injuries. And that is something worth looking into, for sure.