Highly recommend getting rid of the wire and trying a Power Probe PPSK. It's variable up to 125W equivalent for about the same price and size as a good 40W plug in. Paid around $45 for mine on eBay.
Once I tried butane, it's hard to go back. Not having the cord makes it so much easier to position the work. PPSK comes with various tip sizes and you can use it as a torch, hot knife and heat shrinker. There's more feedback from the tool because I can see the filament glowing and the hear the rate of the gas flow. This is why I prefer the PPSK to the more expensive Portasol Pro, the sight hole for the filament is tiny in the Portasol.
The kicker for me is butane heats up much faster than electric. Butane irons with leaded solder gives you the most control over the work, IMO. Electric irons and lead-free solder feel unpredictable and clumsy in comparison.
P.S. Cheap butane misfires and clogs the tool over time, spend a few bucks more on the good stuff.