The cost for me was $2200 - that was to reroute the plumbing, the cost of the unit, and the installation. It does take a little longer to get hot water coming out but once you do, you do not run out like with the conventional one (though honestly, since my old one was located in the attic it took a while for hot water to come out of the faucet also). It has a 25-year life span compared to the shorter one of the conventional. The temperature control is located in a closet and you never have to worry about the pilot light. And the big plus? Never having to worry about one over flowing or freezing and destroying your home!
gas or elec ?