Hot Water Heater Problems

We heard a popping sound coming from the garage yesterday and found smoke and the smell of electrical burning. Turns out it was the electrical connection to the hot water heater. We turned it off at the electric panel and now don't have hot water. Cold showers and heating water to wash dishes until I can see about whether its and electrical problem or a hot water problem. In the meantime, I'm pricing hot water heaters for energy efficiency and the size family it will serve. Here are 2 that I have come up with so far.

40 Gal. Medium 12 Year 4500 Watt Double Element 240 Volts Electric Water Heater-SE40M12AAH at The Home Depot