Hot Water tank
A tank hot water system may be considered an older technology, but it's been proven to work. The advantage with a traditional hot water tank is the upfront cost. It's significantly cheaper to purchase and install. As well, if you're looking to have hot water instantly, the tank water heater will give it to you. Since your tank has been heating the the storage tank.
The disadvantage with a hot water tank are:
Lifespan - 5 to 10 years
Costs more to operate annually
Takes up a lot of space
If not maintain regularly you can run into erosion, cracking which can lead to floods
If you're looking to replace your existing hot water tank, give us a call. Green Heating and Air are certified hot water technicians. We carry a large inventory of Rheem hot water solutions.