Full Fuel Cycle (FFC) analysis is the most accurate way to calculate energy use and environmental emissions.
An example of how pronounced this effect can be is a comparison that shows an overall efficiency of 24 percent for an electric water heater versus 62 percent for a propane water heater. This is due to electricity losing nearly 75 percent of its energy in transmission and distribution losses compared to about 12 percent energy loss for propane. Electric water heaters also emit 2.08 times more GHGs than propane.
As cited from the National Propane Gas Association (NPGA) Full Fuel Cycle Fact Sheet. See the full version of Fuel Fuel Cycle Fact Sheet here.