There are numerous heated discussions here...use the search function to review them. FOr an electric unit, make sure you have a very significant supply, as you'll probably need to run a very heavy gauge wire to the thing. The advantage is that it only goes while you are using water, but, especially for an electric storage tank, the things rarely run unless you are running water, so there is very little standby losses.
There are periodic maintenance requirments that you won't find until you read the fine print, sometimes as often as once a month required with a tankless system depending on the incoming water quality. Plus, they are designed to raise the incoming water a certain amount...they are speced with incoming water at 50 degrees. Depending on where you live, it could be nearly 20 degrees colder in the winter. Believe me, you will not be happy if that is the case. The output temperature can vary signficantly, too, depending on the flow rate. THe faster the flow, the lower the resulting output temp. Also, note, that most have a flow restirctor, and it will take longer to fill your tub or washing machine.
Getting them serviced is harder, too, as not that many people are familiar with them.
Read the other comments after you do your search. Under the right conditions (and they don't exist in the northern part of the country in my opinion), they may have an advantage. Otherwise, they cost more to install, take more maintenance, and if you have a quallity storage tank type, don't save significant money during normal operations.