Initially the tankless heater is more expensive, but because its more efficient and cheaper to run you save money in the end. Also, you get a tax break for buying this product as it is better for the environment. It uses less energy than a water heater that keeps the water hot all the time. This heater only heats it as you use it.
The US Governmental agency I checked with says to only turn your hot water tank off if you are going to be away for 3 days or more. Turning it off overnight isn't a good idea as it uses too much energy to reheat the water in the tank in the morning. I believe it was the Environmental Protection Agency, but you can check online like I did. Its at Pueblo, Colorado.
From what you said, I am assuming you heat your water with your oil furnace. You must keep your furnace running some all summer to heat the water in your tank.
If you get a tankless water heater, you wont need to keep your furnace running all summer to heat the water. I understand tankless water heaters come in both gas and electric types.
We grew up with water being heated in the boiler (a similar system)and NEVER had enough hot water for more than one shower. My parents eventually rented a tank from the electric company.
I purchased a tankless water heater for my hair shop. Very disappointed. I ended up switching to a tank that I just shut off everyday to save money on electricity. Next time I am going to look into a solar heated tank I heard about...apparently it is placed outside in some sort of plexi-glass so that the greenhouse effect helps heat it (or something). I'm sure you could find out more info about this online.
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