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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.
Hot Water Heater. Expected life: 10 years for gas or electric; 20 years for tankless. Total cost : $548 to $915 for energy-efficient model; $739 to $1,240 for tankless; $2,658 to $3,443 for heat-pump water heater.It's time if: The unit is ten years old or more, leaks around the base, or works erratically.ot Water Heater. Expected life: 10 years for gas or electric; 20 years for tankless. Total cost : $548 to $915 for energy-efficient model; $739 to $1,240 for tankless; $2,658 to $3,443 for heat-pump water heater.