Tankless water heaters are also fueled by electricity or gas supply, but they don’t come with a storing unit. They are compact in design and heat water as needed, making the device more environment friendly. The tankless water heaters require more initial investments than tank water heaters, but they are less costly to operate and offer the benefit of endless water supply.
The cost of a tankless water heater may range between $1200 to $5000. You may need to spend an average of $3500 to install a tankless water heater.
The cost that you pay will include:
The tankless water heater unit
Installation material required
Cost of local or licensed labor
Permits
Removal of the old unit