A hot water tank including: a shell enclosing a chamber containing a heat exchange liquid, the shell including a base, side wall and lid; a cold water inlet connected to a first end of a heat exchanger, and a hot water outlet connected to a second end of the heat exchanger, wherein the heat exchanger is located in an upper portion of the chamber; a primary heating element connected to a power source for heating the heat exchange liquid, the primary heating element being located in a lower portion of the chamber.