Both tank and tankless water heaters have advantages depending on your specific needs.

Gas tankless water heaters will typically have a lower operating cost. Electric is a better option if you do not currently have natural gas or propane service. Also, electric is a great option for POU (point of use) applications like hand wash stations.

The primary advantages of gas tankless water heaters are energy savings, space savings, and continuous hot water. The downside is initial cost of the unit, which is often higher than other options. However, this initial investment is often paid back within the life of the unit due to the energy savings.

A tankless water heater can last up to 20 years, depending on your incoming water quality, usage, and maintenance.

Tankless gas water heaters do use electricity. They use the standard 120V that is used in all homes.

What do I need?
Before installation, you will need to determine the incoming ground water temperature, the ideal location in your home, and the correct water heater size required for your needs.

Where to install?
A tankless water heater can be installed anywhere in your home with the correct piping—closets, garage, bathrooms, etc. In warmer climates where there is no risk of freezing, a tankless water heater may be installed on the exterior of the home to save on interior space.

While it is difficult to estimate an exact value, the popularity of tankless water heaters can improve the value of your home and time on market if you choose to sell your home.