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The DOE computes average annual operating costs of $388 for a storage-tank heater, and $272 for a tankless heater. That's $116 less. If the tankless system costs $2,200 installed, and saves $116 a year, it would take about 19 years to break even on the investment.ost homes have a storage tank for hot water â 50 gallons or more that's regularly reheated and ready to use 24 hours a day. The compact alternative, often billed as the more efficient European system, is a tankless, or on-demand water heater.
Because water heating accounts for almost 30 percent of a home's energy bills, a tankless water heater can cut these costs by up to 50 percent savings. These savings amount to about $80 annually. Tankless hot water heaters last an average of 20 years and are easy to maintain. They are also very small and can be put in many places that won't allow conventional hot water tanks. The average size is about 28 inches tall by 20 inches wide and 10 inches deep.