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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.
They can last as long as 20 years, where tank style water heaters have a life of closer to 12 years. The drawback of a tankless water heater is that it can only heat so much water at any given time. So in households with many people, a tankless water heater can leave a lot of people with a cold shower in the morning.n average, water heater replacement or installation costs $885, with most homeowners spending between $668 and $1,102. This data is based on actual project costs as reported by HomeAdvisor members.