"Today's homeowners are realizing they don't have to schedule their lives around their hot water anymore, and many also want to make wise long-term home improvement investments with significant return. The decision to go tankless simply makes sense," explains Kerri Walker, senior marketing manager at Rinnai.

According to the U.S. Department of Energy's Energy Efficiency & Renewable Energy website, tankless water heaters can be 24 to 34 percent more efficient than a traditional tank-style water heater, depending on a home's daily hot-water demand. Some tankless units, such as those manufactured by Rinnai, allow homeowners to save up to 40 percent on energy bills because a tankless unit does not have to heat and re-heat like a traditional water tank does.

"No one leaves their car on all the time, as -- among other things -- it would waste too much gas. Tankless technology is of a similar mindset. You're using energy only when you need hot water," adds Walker.

To calculate how much energy your household could save by switching to a tankless water heater, go to www.rinnai.us/tankless-waterheater-energy-savings-calculator. The tool also shows how many trees a tankless water heater can save by reducing a home's overall carbon footprint.