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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.
1 An electric water heater can cost $400-$3,000 or more for complete installation of a conventional storage-tank model and $1,800-$4,500 or more for a tankless model (including a 220V/240V outlet). 2  Electric water heaters typically cost less than gas units but are more expensive to operate. Electric water heaters typically cost less than gas units but are more expensive to operate. 2  Solar water heaters cost $1,000-$5,000 or more, with installation usually included in the purchase price. 3  A central, whole-house, gas tankless water heater can cost $800-$3,000 or more, without installation.