Actually electric water heaters are 100% efficient (no energy loss) and their main drawbacks are slow recovery. I got rid of my 40 gal electric waterheater about 7 years ago cause we were always running out of hot water. I could have installed an 80 gallon unit, but we descided to install 95% efficient direct vent propane units instead. I liked the idea of two 40 gal water heaters set in parallel. One unit basically acts as a large insulated storage unit for the hot water while the other unit is used to heat the water. We never run out of hot water.
I had one of the units fail a few years back and ran out of hot water. The sensor failed. I simple turned on the 2nd unit, and we had hot water again. It took about 1 week to get the replacement part under warranty, so the added unit was a god send.
As far as utility costs go, for us it was a tossup. Our elect bill dropped as much as the propane went up. It did free up some amperage to run my hottub, (which i really needed) .
I guess the geo thermal is a nice unit, but the installation costs are HUGE. For me it would take too long to recoup the costs. Govt subsidies would help...but i dont want anything they have to offer. I wish i could live my entire life without ever having to deal with any one in the govt.
call me pig headed.
We have these huge wind farms up here in White pass (Wash) that are a govt subsidy boondoggle. Hundreds if not thousands of wind towers installed on the govt dole. Ive yet to see more than 10-12 of them ever running.....ever. Ive driven by them soo many times...never running. Ive been told that most arnt even connected to the grid. that wouldnt surprise me one bit.
But i digress...as usual... If you go with electric pick a minimum 80 gal unit. Go with the super insulated units. According to my local utility, due to slow recovery of elect units, an 80 gal electric provides as much hot water as a 40-50 gal gas water heater.