If you are looking for an on-demand hot water heater, adding a new electric tankless water heater may work better for your family than a traditional system. Be aware that there will most likely be additional costs to adding a tankless heater depending on the configuration of your homes electrical system.
Tankless Water Heater
$600 to $1,200.00
Installation – $150.00 and up.
Installation may cost as much as the unit itself.