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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.
As opposed to a traditional tank storage water heater which uses a steady supply of electricity to store and constantly heat water, the tankless models only heat water as necessary. The average cost for a propane powered single-point tankless water heater system will be $1,500 - $2,000. Tankless units can be installed on the interior or exterior of the building near the water use point and no more than 50 ft. from an adjacent power source (typically requiring 220 volts).