I would never go tankless on the promise of energy savings. Even with a family of 4, there is enough usage that the standby losses are dwarfed by the usage. I was one of 5 children growing up, and in a family of 7 the appeal would be the availability of "endless" hot water, and that's the only reason to go tankless, unless your utility space is just crazy limited. Also, I would never do electric, at $0.12/kW-hr and our usage the bill would be terrifying. I'd go natural gas, which the house already has.
Further on gas tankless, I looked into that when I thought our current water heater was giving up the ghost. IIRC, for our demand it would have been $1,200 for the unit alone, less installation versus about $350 for a standard 50 gallon unit.
One last thing on gas hot water heaters. If we lose power during the coming storm, we'll still be able to take hot showers since the heater has a standing pilot.