United Kingdom
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We can't keep burning gas there won't be any in a decades time. We don't have any choice about storage of hot water or heating electrically and using water to store excess energy makes a lot of sense. However take a look at Sunamp they do a phase change material tank like thing which takes less space so you can get the sort of capacity you want.
There is no shortage of gas, we won't run out in a decade. We need to stop using the stuff as much as possible as soon as possible though.
The vast majority of home gas is used over winter for heating. Move that to electricity and the use drops massively. Even more is used in power stations. Right now, even if you switch to heat pumps, you'll be using gas to heat your home and water anyway.
Gas will not run out in the next ten years. Even at doomsayer estimates, we've got 40 years. And we keep finding more and using shale gas and so on. When I was in school, we were told it would run out by the 2010s. We've until then to think about things like upgrading the electric supply to homes and municipal hot water systems.