Energy Efficiency Tankless
– More energy efficient as they heat water on demand which result in lower energy consumption and potentially reduced utility bills.  

Energy Efficiency Storage Tank
– Store large amount of water and keep it heated, which can lead to energy losses due to standby heat loss (the heat that escapes while the water is stored).  

Hot Water supply (Tankless) 
– Provides a continuous supply of hot water as long as it is sized correctly. This makes it ideal for larger households. May struggle with multiple showers at the same time.  

Hot Water supply (Storage)
– Limited supply of hot water based on the tank’s capacity. Once hot water runs out you will need to wait for it to reheat.  

Size and Space (Tankless)
– More compact, mounted on wall – ideal for smaller homes or when space is limited.  

Size and space (Storage Tank)
– Requires more space as it needs to store a large volume of water. Challenge for smaller homes, such as apartments.  

 Initial cost and Installation (Tankless)
– More expensive up front both for unit and installation. Installation may require upgrades to gas lines or electrical systems depending on model and homes existing set up.   

Initial Cost and Installation (Storage tank) -Typically less expensive to purchase and install, more budget friendly option for homeowners.  

 Maintenance (Tankless) – Requires regular maintenance such as descaling every 1-2 years especially if you have hard water, Not the same risk of leaks as storage tanks , repairs can be costly if something goes wrong.  

Maintenance (Storage tank) – Requires periodic flushing to remove sediment, and build up. It will help to extend the life of it.  

Lifespan (Tankless)
– Typically lasts longer due to the lack of tank that can corrode. With proper maintenance they can outlast a storage tank model.  

Lifespan (Storage tank)
– Rust or corrosion can shorten the lifespan especially if not maintained.  

Each has their own benefits depending on your home’s needs and your priorities, whether it is cost, space or energy efficiency.