It sounds like there are more cons than pros. I spoke with a few plumbers today and they thought they were a waste of money unless you have a huge demand for hot water. If you have a big family, whirpool tubs, etc...
We use very little hot water, so we're going to go with the standard tank. My thinking was that since we don't use very much hot water, it would make sense to not keep a 40 gallon tank hot at all times. It turns out the ROI would be about 15 years. Had it been 5 years or less, I would have given it a shot.
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