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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.
Unless an electric system/service upgrade is require, the installation of an electric tankless water heater is generally much cheaper than the installation of a gas tankless water heater. Maintenance, Service Life and Warranty: Electric tankless water heaters require very little maintenance.hole house electric tankless water heaters cost about US$500-700 where as gas tankless water heaters generally cost US$1,000 or more, especially for better quality systems with electronic ignition systems. This does not include installation-see below.