Tankless water heaters are more expensive to purchase and install.
When we compare the cost of tankless water heaters vs. tanks in the past few years, the price of tanks has gone up and up. But are tankless water heaters more expensive? What about installation cost? Today you can get a non-condensing tankless water heater for the same cost or less than that of a tank. And a good plumber who knows what they’re doing can often install these in about the same amount of time as a standard tank. The Tankless Truth is, tankless water heater installation costs can be less than or equal to tank costs.
Other Common Myths
Tankless doesn't work with cold inlet temperatures.
Venting is too expensive on tankless water heaters.