Tankless water heaters are getting to be very popular these days, because of their size they are very easy to install. They can also lower your electric bill a good amount since they conserve more energy than the open tank water heaters do, and they will also never run out of water.
As soon as the water enters the heater it goes across the heating coils, which immediately heats the water up to your desired temperature. You can adjust the temperature easily just by turning the dial on the tankless water heater. Another beneifit is that there is less maintenance upkeep compared to the open tank water heaters, or also known as the standard water heater.
There are some flaws though, since the heater is so small you will not be able to run hot water at multiple spots in the house at the same time, like running a dishwasher, washer, and taking a shower at the same time. This can very though as some are bigger than others and have a better gallon per minute ratio. Tankless water heaters can also be referred to as demand water heaters or inline water heaters.