I highly recommend heat pump water heaters if they fit your use case. Mine cost $650 after rebates and dropped my annual electrical usage by ~$400. They have

I highly recommend heat pump water heaters if they fit your use case. Mine cost $650 after rebates and dropped my annual electrical usage by ~$400. They have some quirks. There is a condensate line that needs to constantly drain. Also, they pull heat from the air, so it is usually best to have them outside of conditioned spaces. You can also duct them however you like. All that being said, I installed mine in under a day.