water heater - oil vs. electric
I currently have a small hot water tank that is being heated from a loop to the boiler. The tank is too small and we would like to get a larger one. However we are thinking of switching to an electric water heater because it seems really inefficient to have the boiler going on and off all summer just to keep the hot water warm. So I have a few questions questions:
1 - will the install cost significantly more to switch to electric?
2 - will electric cost more or less to operate?
Current rates in my area are 2.38 a gallon for oil and about 7 cents a kwh for electric. Some calculations I found online seem to have it coming out about the same - however, over the past 4 months we have not turned on the heat but have still used about 75 gallons of oil - that works out to about $45/month to heat the hot water. I read that an electric hot water heater uses approx 283 kwh a month to operate which works out to about $20 a month (not sure how accurate the 283 estimate is?)
3 - what other pros/cons should I consider (i.e. wait time for hot water/cost of tank/life of tank)