A little life-hack I've found is that you can buy a 40 gal hybrid electric hot water heater for $799 or less at Lowes in Pocatello/Idaho Falls. The same sells for $1,399 here in Orem. RMP offers a $600 rebate for that model and there is a $300 federal tax credit. So you get it for free plus a little cash to pay a plumber to install.

I have a co-worker who visits family in Idaho Falls pretty regularly so I may talk him into picking one up for me once I decide to make the switch.