Tankless water heaters have a longer lifespan compared to conventional tank water heaters. While tank water heaters typically last around 10-15 years, tankless water heaters can last up to 20 years or more with proper maintenance. The lifespan may vary depending on factors such as usage, maintenance, and the quality of the unit. Investing in a new tankless water heater can provide you with a durable and long-lasting hot water solution.