Knowing what I know I would keep your 50 gallon electric until it dies and -maybe- replace it with a electric hybrid. These are actually heat pumps that dump the heat in the water and cool the surrounding air. They will cut your hot water bill as they are 2 - 3 times more efficient. But wait there is more.

How much savings are we talking? With drinking water consumption at 1,800 to 2,400 gallons We use 78.5 to 118.6 KwH or $9.11 to $13.76 per month for a conventional water heater. It might be worth it to you.

I'll keep in mind. I assume it would cost a lot more than traditional electric.

Yes and they are taller as well. Sold at home Depot and elsewhere. Over 1,000.00. Like your heat pump HVAC they have an emergency heat override. It then operates like a regular electric hot water heater.