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Do some math first. Even with propane at $2.50 a gallon, you may not save anything by going to electric. It all depends on what you're paying for electricity. Don't pay attention to the separate KWh charge - all that counts is how many KWhs per month you use and what your total montly bill is. Tankless heater uses the same power to heat water as a tank heater does - except the tank heater uses a little more keeping that water warm when in stand-by. If well insulated, it doesn't use much. Tankless gives an advantage if you have several areas in the house that need hot water and are distant from your main tank heater. A lot of hot water can be wasted making those long runs. For that sort of thing, several small tank heaters can save some money. If you install one large central tankless heater - it doesn't offer a big gain. A tankless heater has to do the job fast, and even a small spot heater needs a large circuit. Tankless works off a temperature rise - not a preset heat temp. So, the colder your incoming water is - the worse performance you get from it.
A typical Bosch tankless heater capable of bringing incoming 55 degree F water up to 105 degrees F at 3 gallons per minute - needs a 240 volt line with 40 amps draw on each leg.
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