Tankless hot water heaters have several advantages over traditional ones. First, they are powered only when someone in your home needs to use hot water. They are designed to detect when thay are needed and shut themselves off when they are not. Next, the lifespan of an average tankless hot water heater is up to 20 years, compared with 10 years for the traditional models. Finally, tankless hot water heaters are compact and take up much less space in your basement. To save on your energy bills, consider contacting an HVAC company to install a new tankless hot water heater.