There have been a myriad of home heating products and water heating options at the disposal of homeowners all over the world for many years now, including tankless hot water systems, solar hot water systems, and the standard electric and gas options.

Home owners can make significant savings with some of the new generation options for water heating, yet despite quite short times taken to recoup initial costs, in savings on water heating products, many people continue with their old style equipment. We compare the different types of water heaters and look at the positives and negatives of each system.

Tankless water heaters were one of the most important advances in water heating technology. When they were invented, they were marketed quite simply as never-ending hot water systems. Large families bought them so that everyone could have a hot shower in the morning, but in reality their benefits are much greater.

Looking at the most efficient tankless water heaters on the market, including the original condensing water heating models from Navien America, with the shortest payback of any water heating model on the market, and other secondary suppliers like Takagi and Rinnai, you can make amazing savings of around US$160 per year on water heating over conventional gas water heaters.

They also represent savings of around US$40 per year over tankless water heaters that do not have the condensing capacity. These are obviously the most highly recommended option. If you have a traditional tanked non efficient water heating product, there is money practically running out down your drains!

Solar hot water systems are excellent in some conditions. They can provide up to 90% of the average home\'s hot water requirements for free - however there is a catch! It all depends on your climate, and where innovative tankless water heaters do not have any climate requirements, solar systems do for optimum operation.

Many come with a gas or electric booster, which you can push if you have several cloudy days in a row. They are also the best water heating product for larger households - the initial cost takes quite a while to be recouped in smaller households.

Natural gas water heaters are another option which is more efficient than traditional electric water heating products. They have quicker recovery times than do electric systems, so if you are prone to running out the hot water, they are a better option.

That said, if you are prone to running out the hot water, then really a tankless system is the best for you! If you need to install a tanked water system indoors, a gas water heating product is best.

Electric systems are the option that many people already have in their home if they have not thought about the savings that are possible by installing new environment friendly water heating products.

If you still prefer electricity, but want to upgrade, you could look at an electric heat pump - these use a quarter to a third of a traditional electric system, and can offer even more savings by installing a solar booster.