Tankless water heaters are the way to go, why constantly heat water in a tank all day long when you don’t need the water? The tankless hot water is not an instant hot water device, you still have to wait many seconds/minutes for the hot water to get to the faucet. Also, if you stop the water filling up the tub and restart filling up the tub again, you will get cold water for many seconds/minutes again which is all normal. If you want instant on hot water, then you need a recirculating pump to make this happen.
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