Everyone's needs can be different. For my wife and I, and 90 gallons of hwh (2 electric WH's), super insulated, all hot water lines insulated, and effective heat traps on the hot and cold water lines, average monthly electricity use is 100 kwh, we have never run out of hot water (well once, when a grandchild left the hot water faucet on), and since the HWH is on an interrupt rate, cost of electricity is about $0.05/kwh, or $5/month.
I am a proponent of an inexpensive standard electric HWH, but also installed with much added insulation, all hot water lines insulated, and effective heat traps on the hot and cold water lines ... plus hot water conservation habits.
I am a proponent of an inexpensive standard electric HWH, but also installed with much added insulation, all hot water lines insulated, and effective heat traps on the hot and cold water lines ... plus hot water conservation habits.