If you were to read most of the articles that compare tank and tankless water heaters you could be forgiven for thinking that only a schmuck would be buying a water heating tank these days. But wait a minute - is that really true?
Okay, so there is no point in denying that on demand water heaters have a lot in their favor. They are often very efficient. You never run out of hot water (unless you run out of fuel). They save space. They do not heat unneeded water Etc etc.
What the people who talk about tankless hot water heaters often fail to emphasize is that they cost a lot. This is fine if money is no object, but for many people cash flow is indeed an issue.
There are cheap electric tankless water heaters available on the Internet, but most of these are single appliance units at best. Fine for boosting your laundry room hot water supply or whatever.
But if you are looking to provide hot water for a whole family house then you may be looking at one of the big players - a tankless gas water heater for example. These are great and can provide tons of water to the home. But at a cost. Maybe you make some of this investment back over the years (they are usually significantly cheaper), but it will take a while.
In truth, if cash up front is an issue, you might compare tankless water heater with tanks and find the old standby has a lot to offer. Plus these days you can get really efficient and well insulated versions. So give it some thought!