Many people prefer having a tankless water heater because they offer superior energy-efficiency over the alternatives. Not only will you have an unlimited supply of hot water available when you want it for multiple showers and appliances, but you should notice energy savings to boot. Tankless water heaters don’t require as much storage room and may enjoy a longer lifespan than gas or electric water heaters. While the initial installation and purchase costs may be a little more when compared to traditional models with tanks, a tankless water heater is an investment that should pay for itself over time.