Hey everyone, sorry it took a while to get back to ya but after all that we decided to replace our water heater with another tank unit.
In reply to tr8todd:
Thanks a ton for the info man. I did some digging and found some charts that gave the BTU rating for our gas lines (diameter vs distance, and adding in the bends). So it was looking like we were good to go with the new heater, AND our meter was up to the task as well.
So back on subject, and just kind of a wrap up on the whole story:
We actually don't go through much hot water (yet). My wife and I are really the only two big water users in the house and even on the weekend we can take showers within a reasonable amount of time of each other. The big reasons we were really leaning tankless were based on 3-things:
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our house is 1-bath which is a drawback when it comes time to sell it (you know... 10-years or so from now). We thought uf we can minimize the drawbacks of a one bath house by installing an endless hot water heater NOW then that'd help with the resale value down the line.
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we have two kids, and we want one more. But one's 3-years old, and the other is 6-months old. So hot water is a non-issue now. BUT eventually it's going to be an issue. We were just trying to nip this one in the bud with the tankless unit.
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Our current hot water heater is old and has started leaking water all over our basement floor so we HAVE to replace it with something. We usually like to replace things with a quality replacement that won't need changing in the near future. To us this means "tankless now". But as we look at things, there are plenty of quality tank units that are 1/4 the cost.
When it comes to the heaters we were looking at, our research told us that we wanted a tankless unit with recirculation capability. Tankless units without recirc had reports of 90-seconds of cold water running when you turned the faucet on before it started heating up. Not the end of the world, but kind of annoying.
We also decided we wanted a "condensing" unit. A non-condensing unit heats up the exhaust so the acidic residue from the burning of the gas says evaporated until it exits the house (thus requiring stainless piping for an exhaust). A condensing unit has a much cooler exhaust, but comes with the caveat that it needs a small pump to rid itself of that acidic dew that's going to build up. No big deal
The unit we decided on was $1800 + tax and was available locally through Java (thanks man!). We read the instructions and everything looked surprisingly SUPER easy. We figured we could have it in and plumbed in a weekend for a grand total of $2500 (this gave us some buffer room on time and money)
Unfortunately the manufacturer will NOT honor their warranty unless a professional installs it. For professional installation we were getting quotes from $4200-$5500.
Me being me, I initially said "screw the warranty, I can fix it" buuuuuut kind of realized I was being optimistic and eventually backed down.
There were a few other heaters under consideration, that would honor a warranty with "DIY install" but in the end we kind of came to our senses.
We can buy (and we did buy) a tank unit with a 10-year warranty from Lowes for $500 and install it ourselves in about 2-hours. That means if it were equity we were worried about, we could buy a NEW hot water heater when we move away and say "look, we put in a new hot water heater for ya" instead of "look, here's a 10-year-old inline unit".
Another way to look at it is: we can replace this one 4 times before we get to the cost of one inline unit.
So yeah, that's that. On the bright side Mrs. Hungary is super impressed with my incredible plumbing skills
Good times