The joker in the deck with Electricity is the availability, and the ability to use time of day pricing, which may or may not come with Demand pricing. Either way you usually need some form of load control. Last house had an 80 gallon electric water heater. Electricity cost about 14 cents Kwh
9AM-9PM M-F, and about 3.6cents at other times. I'll let you guess what hours the water heater was allowed to operate. with very minor lifestyle changes. there was always hot water. You just didn't run the dryer, dishwasher, or washing machine between 9AM and 9PM weekdays.
With a good thermostat (my current place has a Honeywell with 4 time periods, one set for M-F, and another can either SAT/SUN together, or separate.
If you have demand charges, you better have a load controller. A single mistake with demand pricing during a month can be really costly.
Run the hot water heater for an hour during the day, and it could cost you $45 in demand charges,
Run the Electric Dryer for an hour, and it could cost you $60 in demand charges that month. If demand pricing is available and you want to use it, a load controller is essential to prevent expensive mistakes. Basically a load controller establishes a demand budget, and simply disconnects load in a priority that you set to stay within that demand. If you can manage it, the lowest rates generally come with demand charges, so demand management when demand charges are in effect (and with some rates that is 9AM-9PM M-F only) is an absolute requirement.
These systems aren't cheap, but the payback period can be remarkable small. A demand controller limits the maximum 1 hour demand to a value you set (and can afford).
So if it is set for say 5Kw, the Hotwater heater or the Dryer can run, but not both at once. Start cooking with an electric stove, and probably neither can run. Stove has priority over refrigerator, which has prioirty over Air conditioning/heating which has priority over dryer, which has priority over Hotwater heater..
It often pays to look at the available electric rates and see if there is one that fits your needs and can save you money. During the summer my ratio of Off Peak to On Peak use is about 5:1, and that can be achieved with a clock controlled hot water heater, timed thermostat, and little common sense. Even at that ratio the off peak charges barely exceed on peak. On this particular rate, there are no demand charges. Many electric meters will allow you see your on peak/off peak, and demand even if you aren't billed that way.
In Europe it is common to have 'storage heaters'. An electric heating element heats up a container with a high thermal mass very very hot from an interuptible supply (the power company can drop the load instantly), and heat is dispensed from the 'reservoir' as needed .
Such INteruptable power is not common domestically in the USA, but is common elsewhere in the world, and is often a fraction of the regular price because it is interruptable without notice. Power company sends a carrier current signal down the line, and your interuptible load is dropped. The only restriction usually is devices that use it must be hard wired. YOu cannot move them from interuptable to non-intruptable and back
Where I live now, I have on peak/off peak. Electric water heater is off during peak hours, and AC is generally off, but it is set in the summer to bring the temperature down to about 70 by 9AM on weekdays. ON weekends it will maintain relatively low temperatures (low 70's until about noon), and generally the place will say below 80 until 9PM. If it gets really hot, the thermostat will turn on the AC, but the room temperature has to reach the low 80's first. Even in Phoenix, it doesn't happen very often. I figure the timed thermostat paid for itself in the first couple months of ownership. Of coure the fact that I bought it new (a discontinued Honeywell Chronotherm) on eBay for $25 didn't hurt. I do need to feed it a set of alkaline batteries about once a year (so the clock runs with or without power).