Tankless Water Heating 101
Tankless Water Heaters, also called Instantaneous or Demand Water Heaters, provide hot water only as it is needed. Traditional storage water heaters produce standby energy losses that cost you money. We do not leave our homes heated while vacationing. We only heat our homes when there is a demand for heat. In the same way, a Tankless Water Heater is used only when there is a demand for hot water.
One of the fastest growing additions to any remodeling project is going "tankless". The idea is to only heat water that we are going to use right now instead of having 40 or 50 gallons being heated all day long with the potential of being used. That potentially costs hundreds every year.
The industry has matured quickly and there are a few leading providers of systems that are stable and have a few years under their belt. There are basic questions as to what kind of implementation you need and what kind of fuel you use now. Here is a video on the things you need to think about and a full "how to" buying guide is found here: http://www.tanklesswaterheaterguide.com/.