Until I met my wife I had no clue about what a tankless water heater is and what it can do. Apparently, in Japan and the rest of the world tankless water heaters are the norm. During the remodeling of our home my wife insisted that we will replace our tank with a tankless, so I did tons of research and came up with a few companies that had a great track record, however there was one company that seemed to work for what we wanted and that was Steibel. Its a German company and they make a top notch product.
How does it work? The tankless unlike the tank only uses electricity when you turn the hot water on, so you are billed for what you use. Unlike the regular tank which is on 24hrs a day. Also the other added benefit is the fact that you never, let me repeat this, YOU NEVER run out of HOT water. Yes Unlimited HOT water!!!! Occasionally when I am home from a long week or month of training I like to take a Princess Shower and there is nothing better than standing in a shower that has constant hot water that will never end. If I wanted to I can stay in the shower for a week and my hot water will never run out, but looking like a prune has no benefits either.
The savings!!!! Are incredible. And this is as real as it gets. Prior to purchasing our Tankless last July we were paying Approx $220 a month for the months of may and june. During the spring months we were paying approx $130 to $160. When our first bill came in the Hottest month of Aug our bill was $145. We couldn't believe it. But when Sept bill came in the middle of Oct we were shocked because it read $45. I thought there must have been a mistake, but during Oct, Nov, and Dec we saw bills that ranged from $50 to $87. I can explain the low utility cost by saying that my wife and I really try to conserve energy. We changed all of our light bulbs to energy efficient ones. It really helps that our old home was remodeled and had new insulation installed throughout the whole house. We bought all brand new energy effiecient appliances and decided that having a front load washer and dryer would be our best bet. Along with that we keep to a strict set of rules by not allowing our thermostat to go below 78 in the summer and above 68 in the winter. My wife should be renamed the sweat-suit-nazi because thats the norm around here. Our normal temp hovers around 63 degrees during the winter and I swear she has a secret camera watching the thermostat pad to see if I change the temp. But nonetheless, we have saw some serious savings. The highest bill we have had this winter has been $130 and thats because I demanded we have HEAT when its like friggin 19 degrees outside. But all in all it has been a great investment and I recommend that everyone get one.
And one more thing. By taking out your tank and replacing it with a tankless we opened up some closet space that we would never had.