on demand
The extra waiting for hot water through these systems is because the water is cold/room temperature and when there is a call for heat (hot water at faucet), the burner ignites and starts heating the water. The hot water tanks already have the water hot. There is still the same delay from each "tank" through your pipes and out the faucet. That doesn't change unless you move the on demand heater closer to where you use hot water the most. They can fit in a closet.
The savings is definitely there and is a no brainer for second homes. PGANE offers $300 rebate for installing a propane water heater in a new home or replacing an oil or electric water heater. It takes 4-8 weeks for check to arrive, but I know many people who have received them, including myself.
I have the form if anyone needs it.
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