Rudy, even with price increases, natural gas is still cheaper than
electric for heating water in every area that I have heard of, if it is
available.

Not here in BC. Our electric is .0605 cents Kwh CDN or about .051 cents
Kwh USD.
BC has the 3rd lowest electric rates in North America (the lowest 2 are
other Cdn provinces)
I'll admit that this isn't the case in the USA.

Here is a "calculator" that shows what the annual HW cost here is:
https://ewb.bchydro.com/appcalc/pg1.asp?id=0

Gas: $ 213 while electric is $ 189
Electric turns out to be $ 24 or 11.25% cheaper

IIRC, Gas (which BC has a lot of also) has gone up something like 300% or
more in the last 10 years and they're getting a 15% increase this Winter.

Electric went from around 4 cents to 6 cents in the same time

R