rkshed said:
I looked at tankless last year and a common theme was that they are not the best in colder climates.
Because most of the time the cold water coming into the house is a lot colder than in warmer climates, and the tankless needs to put more energy into heating it to a specific temp at the same flow rate. It's the same issue as with geothermal heating. The mid-winter 6 ft deep soil temperature difference between Maine and Florida, for example, is easily 25F, and the tankless will have to put in at least 25% extra heating power to get it to 120F (which is a substantially larger tankless and electric requirements).
Another option is to use a heat pump hot water heater. Normally these also suck in cold climates, because they work by extracting heat from the air. So your precious heating dollars are wasted, or your basement is simply too cold to make the heat pump work and the thing reverts to resistance heating. BUT, if you have a wood or pellet stove in the basement and keep it relatively warm (60F or so), you might come out ahead. I'll compare tank to tank, so we can leave out standby loss for a minute.
In my conservative estimates, I'll say the heat pump has a cop of 2.25 - that is, for every KW of electric you put in, it pulls 1.25 KW of heat out of the air to heat the water with 2.25 KW. Also, I'll assume the pellet stove is a measly 70% efficient. In my world, with $0.15 per KW electric and $275 per ton of pellets, this means that a $1 electric heating unit is the same as $0.56 pellet heating unit. So if I spend $2.25 for 100% electric, I'd spend $1.70 for heat pump, which is roughly 25% savings. If you heat with cheap $199/ton pellets it's $1.50 for the heat pump, which is 33% less. Don't think a tankless can easily beat that unless your hot water usage is really low (and the price of the two should be very similar).
The number one requirement is that the space with the water heater is heated by wood/pellet stove air and that it stays relatively warm. A big if, but I think it might just work for some folks on the forum.