Replace Holding tank or not? Hot water heater?

Spanky25

I just joined. I am clueless on water heaters. However, I have John Wood 50 Gal holding tank. Oil/hot water. Model JW5-50SB It works great! However, it’s well over 17 years old. Should I replace it now? My only concern is a flood disaster if I don’t. It’s in my garage across from my oil burner. Otherwise, I can go a day or two if the unit craps out, until a new one is installed.

If so, go tankless ($300 rebate from my electric company) or a new holding tank?
Thanks! I greatly appreciate it! Of course I’ll need to call a professional. Just trying to figure out what to do.

EBEBRATT-Ed

I would stay with what you have, tankless are problematic in my opinion.

As far as your old tank goes (and I am assuming this is an indirect tank off your boiler) I would run it until it starts to leak.

Most tanks will just seep a little water when they are done, they seldom let go and flood but there's always an exception.

You could disconnect the tank and set it inside a drain pan with a sensor if your worried

Larry Weingarten

Hi, It may be too late, but the life of a glass lined tank type heater is determined mostly by how its anode rod is doing. If you were to have a look an the anode and if there were anything at all left, you could probably keep the tank going by replacing the old anode. I like belt and suspenders though... put the tank in a pan, as Ed suggests and replace the anode.

Yours, Larry

HVACNUT

What you have is called an Aquabooster. The tank gets heated through the tankless coil on the boiler. Not the most efficient way to make domestic hot water. 
If possible, you should look into getting rid of that setup, and installing an indirect water heater and upgrading the boiler aquastat. 
The tankless option would be electric? How are the rates in your area?

Spanky25

Thanks everyone! As the original poster, electricity cost are crazy here in NY, Long Island. Along with any plumbing, heating or any type of home repairs for that matter. I’ll watch this very closely. I guess if it ain’t broke, don’t fix it.

Thanks again!