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Tank vs Tankless Water Heaters

Our old water heater is on its last legs, and I’m trying to decide what makes the most sense to replace it with. I keep hearing mixed opinions about sticking with a traditional tank versus going tankless, especially around Campbell River where energy costs and usage patterns seem a bit different. We’re a small household but use hot water at odd hours, so I’m curious what setups have actually worked well for people living locally.