Well a electric hot water heater is either 2500 watts or 4500 watts, There are some that are 5000 to 5500 watts. Most in my area are 4500 watts. 1000 watts equals about 3500 btu, so a water heater is about 15,750 btu if it is the 4500 watt type. That said there is most of the time two heat elements in a heater. Both the top and the bottom are the same watts. They are controlled so that only one element is on at any time. But if you are using it for heating your shop then you may rewire it and you can use both elements at the same time. Now you have a 31,500 btu heater and that is about the same as a small hanging gas heater.
I am in minnesota where it gets very cold. -20F to -30F at night I have a 1900 vintage two story 54' by 28' farm house. Think huge. I used propane for my heat. When the price first when sky high in 2000, It was costing me 600.00 a month for dec and jan and feb for heat. This is after the walls were insulated and the attic was insulated. At the same time I loss my income. Jan 2001. When winter hit in 2001 I could not pay 1000 dollars for a tank of propane. I found an old water heater at the recycle center and talked them into letting me have it. Cleaned it out and replaced the heating element, then plumbed it into my water hot heat system. So I know what they can do. Will one heat my whole house all winter. Yes it did. Will it keep it at 72 degrees when it is -20 outside No. Did I live yes and the house sometimes would get down to 60F. But if the temp outside was 20F or warmer it would keep the house warm and cycle on and off just like the propane broiler.
About cost. They can be very expensive if your electric rate is high. In my case the electric co has a duel fuel rate. This rate equals 1.49 a gallon propane. so they can also be cheaper to run than propane. Ps when my propane supplier called this year with his so called super rate of 1.99 per gallon, I told him that electric was cheaper and that they were priced out of my market. Feels good to tell them that.
Jeff