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 - Product Review: Lead Substitutes - by Mike Schordine. Lead was oriinally added to gasoline as an upper cylinder lubricant. It lubes the valves and seats. If you rebuild the motor, you could use hardened seats and valves, and unleaded fuel. But if your old tractor runs good, a simple lead substitute added to the gas is a perfectly reasonable solution. And, if you are like me, your tractor is under cover, but it sits outside. So with every temperature change, the humidity in the air collects in the fuel tank, in the form of water.
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