Here’s a bit of advice from a retired plumber...
From what you describe, I would guess that the lower element has burned out. This is usually caused by a lime build-up in the tank. Lime forms on the element during the heating process. Elements can be changed and it should be good as new - even if it is 25 years old.
There are two coverplates on the side of the WH. The lower one is probably the culprit. Elements are usually bolted into the tank with 3 or 4 bolts.
If you decide to change the element vs replace the tank, start by disconnecting the power to the water heater. Next turn off the water supply to the tank. There should be a valve on the cold water feed line.
Next, hook up a garden hose to the drain outlet on the bottom of the tank. Hopefully there is a floor drain near the tank. Open the valve and begin the draining process. It is advisable to open a faucet in a sink at a higher elevation than the water heater. This will allow the water to flow out quicker. It may take up to an hour for the water to drain out of the tank.
Once the tank is empty, disconnect the wires fastened to the element. Then unscrew the bolts holding the element in place. The element should be stamped with it’s wattage, likely 4500 watts. Take the element to hardware store to match up a new one. It should also come with a round rubber gasket which you will need when replacing the element.
Before installing the new element, check the inside of the tank for a large accumulation of lime (white gritty chunks). Fashion a coat-hanger with a hook on the end and begin the process of scrapping the lime out of the tank by dragging it to the opening. You will not be able to remove all the lime, but will be able to get most of it out.
Once the lime has been removed, install the new element, connect the wires to the element and begin filling the water heater by opening the valve. Leave a faucet open on the hot side so the air will bleed out. Once the tank is filled, and no leaks appear, replace the cover plates and turn the power back on.
It will take about an hour for the water to reach max temperature and you should get plenty of hot water for baths, showers and laundry. This whole process may take 4 hours to complete.
Good luck. You just saved yourself a bunch of money not spent on a service call.
If there are signs of water around the water heater before you start this project, you will need to replace the WH.
As mentioned in an up-thread reply, periodically hook a hose to the drain on the tank to drain out lime build-up.
Again, good luck.
http://www.inspectapedia.com/plumbing/Electric_Hot_Water5.htm