Im not truly convinced that you will save a bunch of money with a tankless system ... maybe some one can convince me otherwise...jmo
It has everything to do with imperfect insulation.
Fact 1. It costs a certain amount of energy to raise the temperature of water a certain amount. That's extremely well-established physics. In this area, ground water temperature averages 55 deg F. If you have 40 gallons to heat up from 55 deg ground temperature to 120 deg, a difference of 65 deg F, that takes 22,888,271 joules, or 5449588 calories, or 6.36Wh, or 21,694 BTU, depending on your unit system. That number is fixed - it's pure science. At roughly $0.13/KWh, the local SMECO rate, that is about $0.83 in electricity.
Thus, no matter which system you select, that cost of raising the temperature is an absolutely fixed number.
But...
Fact 2. No insulation is perfect. A higher difference in temperature leaks heat out faster than a small difference in temperature. Thus, hot water inside a tank gets cool faster than less-hot water inside the tank. If you heat up the water to 120 and let it sit... that heat leaks out over time, through the insulation. So keeping the water hot and ready has a certain cost to it.
And then there's the equipment cost...
Fact 3. Tankless systems cost more. This offsets some (maybe all) of the energy cost savings.
Fact 4. Your wiring must be able to support the power draw. You might need it upgraded. Or you might need a propane tank installed.
Good article:
https://www.digitaltrends.com/home/tank-vs-tankless-water-heaters/