Propane = 91300 BTU per gallon. Assume 80% efficient water heater 73040 BTU of water heat per gallon or 73040 BTU per $2.50 Therefore 29216 BTU per dollar
Electricity = 3413 BTU per KWH 100% efficient
3413 BTU per 0.114 dollar Therefore electric gives 29938 BTU Per dollar
A propane water heater will have slightly worse heat loss (than electric) when not running, due to to the flue running up through the tank. This isn't a huge effect, maybe another 5%. Propane would allow a smaller tank size, due to its faster recovery rate, so the smaller tank could compensate somewhat for the flue loss.
Bottom line is the cost of water heat is about the same either way, with perhaps a slight advantage to electric.
In my opinion it does not yet make economic sense to buy an electric water heater to "save money". Your payoff for the capital investment would be very long at the nearly insignificant difference in operating costs.
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Today's Featured Article - Tractor Profile: Allis-Chalmers WD45 (Gas Version) - by Staff. Beginning production in 1953, the WD45 had the same general look as the WD tractor which was produced earlier - but was much more powerful. This was due to the new 4-cylinder "Power Crater" gasoline engine with a 4 x 4-1/2 inch bore and stroke. Some people feel this was one of the most significant tractors offered by Allis-Chalmers in those days. Nothing in its weight or power class could match its performance. In 1954 they began offering the WD45 with the new "Snap-Coupler&quo
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