Do any of you have a tankless water heater? What do you think of it? How much did it cost to install?
When I bought the house, the inspector said that the existing hot-tank water heater was at the end of its useful life, and now it's four years later. Rather than replace it with another "keep the water hot all the time" type of heater, I'm considering one of the tankless units. They're much cheaper to run (only heats when you request hot water), more compact, and pollute less. They're not cheap, but qualify for a $300 tax rebate.
Any thoughts or recommendations?