There's stimulus money out there right now for several things, including certain kinds of heaters, which may apply to your water heater.

In this "On the Money" report, we looking at tankless water heaters, to see if they can save you money.

When you turn on your faucet, you may not think twice about what's heating it, or what it's costing you.

Dave Damengo, has a tankless water heater, "I didn't notice any difference in the hot water itself. I notice a difference in the decrease on my energy bill."

Damengo now has a tankless water heater and says the switch has been good for him. "I have endless hot water. Other than that you'd never know you have one."

The boxes take the place of the traditional tank style heaters that store 40 to 80 gallons of water to heat.

Jana Arnett, with Arnett's Plumbing says "whereas a tankless, it only turns on when you ask it to. So when you turn on a faucet, a water faucet that's in your home, it activates the burner. The burner turns on, heats the water and when you turn off your faucet the water heater is off."

So, you won't be paying to heat up water when you're not using it, says Arnett. "You're still gonna use the same amount of hot water but your natural gas or propane is definitely gonna be reduced."

Your gas bill can drop as much as 30 to 50%, but the tankless models could cost you double or triple up front.

Damengo adds, "it's been a few years, so it's probably made about half of itself back already."

And if you're in the market, experts say look into the government's 30% tax credit for certain heaters.

Consumer Reports tested tankless heaters last year and said it could take you up to 22 years to break even by saving $70 to $80 a year. 1,200 people rated tankless heaters and the reviews varied, with some people saying it couldn't deliver hot water fast enough and some people needed to upgrade their electrical service to handle the heater.