My home is heated by oil. During the next 6 months or so my oil burner is only used to heat our water. With the price of home heating oil now well above $4 per gallon, I decided to order an on demand electric water heater. I'm not sure at this point what the savings might be, obviously my electric bill will rise. But I felt I had to do something.
Here is a link to the unit I ordered.
http://www.gotankless.com/stiebel-eltron-tempra-24.html