The other thing to consider is that modern electric heaters are very well insulated and loose heat very slowly. And the Dept of Energy sent out the new drat rules for tank type heaters for final comments a few months ago. So tank type heaters will get more efficient in a year or two.
For long runs of hot water we are using 3/8-inch PEX, which has about half the water volume per length. So the hot water gets there twice as fast.
WE had 8 or 9 tankless units, 13-years ago. We now have 4 left, which are in a shower facility at a large camp, which houses 30 to 40 young adults, who work on trails. A team of ten go into the wilderness for ten day hitches. When they get back they generally want a long hot shower, and here physically isn’t enough room to fit enough tank top water heaters.
The other locations all had multiple failures and breakdowns, and they were replaced in kind once or twice, and we decided that we were wasting a lot of time and money trying to keep the tankless functioning. Most of our facilities get drained and shut down every winter, but unless we pumped a couple of gallons of RV antifreeze through them they would freeze over they winter. And, apparently the RV antifreeze was damaging the heat exchanger. So, we began to hate them…and I made a decision that they were not worth the slightly better efficiency.