[JacobAziza]

I discovered that the only time I ever actually need hot water is for showers.
I was turning on the hot faucet to wash hands, but by the time the warm water reached the tap, I was finished washing my hands anyway! So I put a lot of hot water in the pipes to cool off, while the heater had to heat new cold water. Totally pointless.
So I removed the end of all the hot water handles in the house except for the shower, to remind me not to turn it on. I haven't missed it at all.

A single fixture instant water heater (whether gas or electric) is not very expensive, and uses negligible power compared to any kind of tank heater. There is no tank to heat, it only comes on when you actually need it, and the water doesn't have to travel through dozens of feet of pipe before reaching its destination.
As a bonus, if you are partial to long showers and have several people in the house who shower consecutively, you will never run out of hot water. You can indulge in even longer showers, while still saving energy overall!