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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.
How Much Does A Tankless Water Heater Cost To Install And Operate? A tankless water heater can be a bit pricey. Tankless water heaters can range from $300 to $1100 or more depending upon the model. Gas tankless water heaters are typically a little cheaper. Tankless water heaters are more complicated than traditional models and have more electronics.