Just bought a house that has an oil system to heat the house, and also one to heat the water. Would it be cheaper to heat water if I got an electric heat tank installed to heat the water instead? I have no access to gas and I know the environmental issues. I am purely looking for cost to operate. Thanks

prices go up and down- right now an electric water heater would be cheaper- when the price of oil goes down, the price to heat you water goes down