Natural gas is far cheaper, so I'll stick with that. Even though I love the idea of an easy to clean stovetop. My electric bill is already out of control (California).
My local utility company is set to introduce a major rate hike for both electric and gas, but the per-unit of energy for gas is still far cheaper. Electric is getting so bad it might make sense to swap out my electric dryer for a gas one, even though it’s perfectly functional.
Admittedly, induction isn't 100% efficient, but it's very efficient! A gas flame heats up everything around it, whereas induction only heats up your cookware. The surface of an induction stove without any cookware is cool to the touch; in other cases, it's warm only due to the heat radiated back from your cookware.
I have done the math... Induction is 84% efficient, and gas is 40% efficient. So for most people, gas is still cheaper, unless you live in an area with very cheap hydroelectric.
Note that the 84% number is for a prototype model... 77% is for an on-the-market model, and it is beaten in efficiency by conventional electric for cookware matched in size to the heating ring.
Also, while gas is 'just a flame', the heat mostly rises, and right above it is the pan. Noticing that the pan, the hob, and the room feel warm/hot afterwards can be deceptive because the specific heat capacity of metal is 8x lower than that of the water in the food you're cooking, so you'd likely underestimate the efficiency.
On the other hand, if induction cooking lowers the air conditioning bills in the summer, it may pay for itself, compared to gas.