We looked into it briefly when our hot water heater died. The more expensive models will provide enough water for two showers at the same time.
The main reason we didn't get one was that it was a Sunday when our heater died and we could get an old fashioned heater the same day. Home Depot told us it would be at least 5 days before the tankless could be installed!
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financial checklist:
[x] emergency fund fully funded [x] no cc debt [x] >10% to 401k
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