I'm sure it wouldn't help you, but with my tank now it only takes about 10 seconds for hot water to come out of the tap. I'm not sure if a tankless system would be any worse in my case since they're supposed to heat water very quickly. My hot water heater is located in my garage which is the coldest place in the house. That probably lowers its efficiency a bit.

In an attempt to lower my heating bills, so far I've had a new garage door and all new windows installed. The last energy waster in my house is the front door. That's being replaced soon. I'm just waiting for the company to come install it.

This coming bill will be the first one since the windows went in. I hope it will be worth the initial expense. My house was built in the late 1950s and the windows and garage were original and made of wood and a single pane of glass.