I have both and have come to the conclusion that if I use very little hot water the tankless will save on the electric bill.
However, I believe resistive losses in the wiring contribute to the tankless being less efficient. Yes, LESS efficient.
Tankless WH require a huge amount of current (11KW) to heat the water on the "fly". Conventional tanks types require much less power but, may run extended periods depending on the insulation, ambient temps. So it may be a wash depending on hot water usage habits.

I have a tankless at the cabin which is 10-12 yrs old and is now showing its age. One of the elements has corroded in place. Tough to find parts is another negitive.
At the house I have a conventional 40 gal WH.
I plan on building a new home and would like to hear from others with experience on tankless vs conventional.

Dan

I'm seriously considering replacing my conventional hot water tank with an on-demand (tankless) system for my house. However, we have natural gas supply in the house and I would run the system off of the gas. If the only power option was electric, I would have to think long and hard about it. As you said, it could be a wash depending on your hot water usage.

I'm thinking about this for a few different reasons. First of all, using less gas has some cost and environmental benefits. Secondly, I've had a hot water tank blow in the past, which is a messy affair. I'd rather not have to worry about that, and just shut off the valve to the heater if I leave the house on vacation. Tanks can also become bacteria traps if the water temperature falls below 140 F. The plastic inside the tanks can splinter off, either reducing the flow or causing blockages in your faucets. I'm also thinking of the additional floor space I'll recover in my work room, with the hot water system mounted on the wall. And finally, it is a rented unit, which is fairly standard for around here. I'm paying $10 a month for the thing, and I'd just as soon own the equipment instead of lining Direct Energy PLC's pockets, although the $10 a month does include full service if there is ever a problem.

Run a search on "tankless" . . . . and you're welcome.

I have one in a small house with one bathroom and it works pretty well.

My friend has a huge one in a big house and it takes forever for the furthest faucet to get hot. Perhaps adjustment, perhaps the nature of the beast.

I plan on converting the house I live in to tankless because it saves space and I like space for extra stuff like an extra freezer or tools.

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Enough about me, how are you doing?

I have the exact same problem with my tank-based system. There is a great volume of water just sitting in the lines that is not being heated. It takes time for all that water to be pushed out through the system before the hot water arrives at the faucet. The longer the line, the longer it takes.

Solar collector panels,thermosyphon circulation,2 100 gal,storage tanks,pressure relief valve,gauges,etc.

Runs on domestic water pressure.

Most times the boiler never fires up when we take showers or do the wash.

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Dan- I know nada, zip, bupkus about this topic but am curious, if you like the conventional tank and in the long run is more efficient couldn't you hook up some kind of timer so that it only goes on for a certain period of time to fill the tank and keep the water heated? My dad lived in Miami and did solar that did fine until the sun didn't shine for a few days and he forgot to turn on the booster.