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Originally Posted by BlueHair
#1 - How long does it take hot water to get to the faucet?
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Longer than your tank heater since there is no resevoir holding hot water. It heats as you turn on the water.
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Originally Posted by BlueHair
#2 - Can the average person install it?
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If you can install a typical water heater you should be able to install a tankless water heater. Most are designed as replacements for typical water heaters.
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Originally Posted by BlueHair
#3 - How much does installation cost if you pay someone?
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Not sure but tankless systems are more money than your typical water heater.
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Originally Posted by BlueHair
#4 - Do they work as well as advertised?
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Most are advertised as the end all be all and that is not the case or else you would see them more often. While you do save on gas and electric (these percentages are inflated though it seems and if you have a large home, they're even less advantageous as advertised - you also save more on an electric set up versus gas), you consume more water waiting for hot water. Where water is a premium this could be a huge offset with the gas and electric you save. You can buy pumps that advertise to help this, though I am not sure of their efficiency. For optimum efficiency they suggest adding one near each hot water faucet, though this is hardly cost effective.
But if you decide to go that route let us know how it goes as everyone else suggested.