We've thought about putting in a tankless when our current tank fails because it eventually will. Our main reason is our current tank sits outside in the garage as does the furnace. Why they did this when they built our house I have no idea. Nice if you get a leak just goes in the garage drain, but in the winter it seems like it takes forever to get hot water. Even with a tank blanket, so thinking because of this and no place to really re-route a new tank in the house a tankless might be better. However, we haven't shopped or spoken to anyone knowledgeable as of yet to see what's suggested. As far as power savings idk...I just no we belong to a private Co-Op with no one else to switch to, so they have us by the biskets.