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Well, electricity is relatively cheap in North Carolina because of all the hyrdo-electric power in the region. That's going to help you. The real problem is that natural gas has volitile pricing - it increases and decreases based on supply and demand. Electricity, especially hydro-electric power, is much more even.
The question you're asking is a lot like asking which is a cheaper car to run - gas or diesel. It depends on a lot of things.
Personally, I say go with the gas because then you can get a tankless waterheater, which only heats the water you need when you need it. A traditional one keeps water hot constantly, which is much more expensive. You'll also be able to cook with gas, which is faster and easier to use, IMO.
There's no one single answer here, unfortunately.
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