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How does the tankless water heater differ from a typical tank type water heater?

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How does the tankless water heater differ from a typical tank type water heater?

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With tank type water heaters, you can draw water as fast as your plumbing will allow to you; however, when the hot water tank is depleted, you have to wait for the tank to re-heat before you can use hot water again. The tankless water heater will give you endless hot water for as long as you open a faucet.

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