A storage tank water heater is the water heater we all know.
Usually they can store 20 to 80 gallons of hot water;
Takes quite a bit of space;
The life expectancy is about 10 to 15 years per unit;
Installation cost averages from $400 to $1,000 (labor only).
TANKLESS WATER HEATER
A water heater that only heats water when needed.
Heats up water at an average rate of 2-5 gallons per minute;
Does not require much space;
The life expectancy may be more than 20 years;
The installation cost averages around $2,500 (labor only).
Another point that differs between tank and tankless water heaters is energy efficiency. Tankless water heaters are 8 to 34% more efficient to run than storage water heaters because they heat water on-demand. So there is never any "wasted" heat. However, this can have a downside as well. If the household requires a lot of hot water simultaneously, a tankless water heater may not always be able to handle it.
As you can see, a tankless water heater outperforms a storage water heater in almost every category except for installation cost. If price is a concern, then it would make sense to calculate your capacity needs and energy usage.
Whatever water heater you choose, FUSE can help with its installation. For California residents, it would make a lot of sense to get a heat pump water heater since you can get a rebate for it. Give us a call at (669) 242-5354 or send an email to support@fuseservice.com to learn more about the rebate, differences, and what would fit your household best.