I have a 20+ year old, 115 gallon, electric water heater. Works like a champ, but I'm considering replacing it for a couple of reasons.

1. It's leased - I pay $20/mo.
2. It's 115 gallons for a house with 3 adults
3. It's 20 years old

Based on that high level criteria, I'm looking to replace it with an energy smart, 50-gallon, electric water heater - specifically - this one

Does this seem like a reasonable idea? I'm looking to save money, obviously, over the long run between eliminating the monthly bill and the energy savings.