Electric hot water heaters have finally gone tankless. Perhaps the only reason anyone keeps those old electrically heated water tanks (they are wasteful, take up acres of space and they are really ugly) is that they did not want to bring gas or oil into their homes.
Now you can enjoy all the advantages of a tankless waterheater without having to get gas connected or oil delivered.
One of the key advantages of on demand hot water heaters are that they only spend their energy heating up the water that you need right at that moment, not the water in a tank that you only need at seven thirty in the evening. In this way you save bucks and get an inexhaustible supply of hot water should you need it (not like a tank that eventually runs out of hot water and needs an hour or two to get back up to temperature).
A tankless electric water heater can be easily fitted (by a professional) and simply hooks up to the mains. They are usually sealed units, with internal highly efficient heating elements, their own heat exchangers. They are built using the latest materials - it is no mean feat to get electricity to heat up water on demand.
Depending on your set up you could save upto thirty to fifty percent by using electric tankless hot water heaters instead of tanks.