You might consider solar to save money. You can still keep it hot, but the sun can provide most, if not all, of the heat. I keep mine at 160, and have dropped my utility costs by $80 per month. I am expanding my system and adding radiant floor heating to my cabin in WV. The goal is to hold electric costs to cover tv, stereo, computers, and lights... and then possibly go PV (if I can afford it!). You can get that 160 degree solar water heating in Buffalo, Waukegan, or Napa... or anywhere else the sun shines.
Your mileage may vary. Your system size will depend on your location and access to sunlight. You can usually drop your utility bill by enough to make the payments on a system, if you don't have $4-8k in pocket. Check your local dealers for more info. Take the 30% (up to $2k) tax credit if you pay taxes...
