Tankless water heater
Most definitely, unless you would have to upgrade your electric service. That might add enough cost to make it not worthwhile to do. I have a tankless heater, though it is gas and not electric. Installed it myself. I'll never go back to a tank-type.
One consideration for installing a tankless that's often overlooked: if you have hard water, it will ruin the unit in a short time unless you have a water softener.