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Tank water heaters can result in a large electricity or power bill and a way to decrease your bill is by using a tankless water heater. Regular water heating systems account for about 30% of all the energy you use in a month. While many tankless water heater companies say they can reduce your bill in half, they don’t actually reduce your bill that much but it will make a difference. Additional names for tankless water heaters in clued on demand or instantaneous water heaters.