When it comes to heating water for household use, homeowners have traditionally opted for using water heaters with tanks. These water heaters are fairly simple and inexpensive devices, and they have a long, successful history in residential use.

However, a new option for heating water has emerged within the past several years: tankless water heaters. In fact, a tankless water heater might be the best option for your home if you are in the market for a new water heater.
There are several advantages you can realize when choosing a tankless water heater. Below are six of these advantages and what you can hope to gain should you buy a tankless water heater.

LESS ENERGY USAGE

One of the biggest advantages of opting for a tankless water heater is a reduction in energy use. In some cases, energy savings can approach 50 percent when compared to tank water heaters.
Households that use less hot water will gain the most by using tankless water heaters. For homes that use a lot of hot water, the energy savings are reduced somewhat. However, in all circumstances, the cost savings of having a tankless water heater are still great when compared to the costs of homes with tank water heaters.

LESS SPACE

Another advantage of using a tankless water heater is a gain in floor space that would otherwise be occupied by a tank water heater. Since tankless water heaters are mounted on the wall and don't require a large reservoir, they take up considerably less room than traditional tank heaters. Going tankless can free up valuable space in a home that is cramped.

INSTANT HOT WATER

Tankless water heaters provide an additional advantage in the form of on-demand hot water. With a tankless heater, there is little or no lag time whenever hot water is desired.
In contrast, it can take a little while from the time the faucet is turned on for tank water heaters to produce hot water. Instant hot water is particularly useful whenever you need hot water immediately, such as for an automatic dishwasher or washing machine.

POSSIBLE TAX REBATE

As with many measures for energy saving, the federal government offers homeowners a nice tax incentive for installing tankless water heaters. If you have a tankless water heater, you can receive a tax credit after completing your annual tax return with the Internal Revenue Service (IRS).
Keep in mind that amounts can vary from year to year depending on the current tax laws and may be different for tankless water heaters of varying efficiencies. Consult a CPA or the IRS for assistance in determining how much credit you can receive for your purchase.

LONGER LIFESPAN

Tankless water heaters also possess a longer lifespan than their tank counterparts. The elimination of a large reservoir of water that is constantly being heated reduces the amount of stress and potential oxidation of components.
In fact, on average you can expect a tankless water heater to last at least twice as long as a tank water heater. Two decades of service is not an unreasonable expectation for many tankless units.

LOW FLOOD RISK

One of the hazards of owning a tank water heater is the potential for catastrophic flooding should the tank burst. Leaking tanks can produce a high volume of water that can cause lots of damage.
However, tankless water heaters do not present this danger due to the absence of a tank. While there is still a risk of water damage should a tankless water heater leak, the danger is considerably reduced by the removal of the tank.
If you aren't sure about what to do regarding your water heater, you should contact a plumbing professional who can answer your questions. A pro can provide you with details and guide you toward a solution, including the installation of a tankless water heater, if that is best for you.