It all depends on the average natural gas and electricity prices in your area, which can vary widely. If you use gas already, compare vs. electricity for the best choice.
It really depends on the location of your home. In most places gas is way cheaper. In most places it costs three times as much to pay for an electric heater bill. I used to have electric as well and I switched to gas since it is way cheaper for me.
You will definitely save money with a gas hot water tank. I have one after I replaced my old electric one. The gas is much more efficient in heating water.
