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See the '55 or better' thread for some info on the tankless units.
The savings really depends on your usage, but I would think that $300 a year would be pretty amazing. I was looking at it saving about that over a 10-15 year period.
My current gas hot water heater only costs me about $70-100 a year complete...
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Many an optimist has become rich by buying out a pessimist
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