Wow, 16 years!
Maybe you will want to do some research on tankless gas water heaters, if you go with gas. They are much spendier at the outset, but if you know you will be in the house for awhile, I believe you can still save a fair amount of money in the longterm for overall energy costs. I have a tankless: Aquastar by Bosch, purchased at McLendon’s in WC six years ago. I like it because it is small and hangs on a wall, freeing up quite a bit of floor space for other uses. There are different sizes available, based on the amount of water usage. Another great thing is that water does not get heated until it is needed and that is where,I think, some serious cost saving is.
Good luck.