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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.
Gas tankless water heaters, which use high-powered burners to quickly heat water as it runs through a heat exchanger, were 22 percent more energy efficient on average than the gas-fired storage-tank models in our tests. That translates into a savings of around $70 to $80 per year, based on 2008 national energy costs.hat can bring average installation costs to $1,200, compared with $300 for storage-tank models. Tankless units might need more care. During our long-term testing, an indicator on the tankless model warned of scale buildup. We paid $334 for special valves and a plumber to flush out the water heater with vinegar.