The closest existing spell is Flame Arrow. It does roughly 1d6/level damage (on average a little bit less than that), medium range, ranged touch attack roll and allows a reflex save for half damage.
Your Electric Bolt is a little bit better than that: always 1d8/level and electrical instead of fire damage. It's also worse than Flame Arrow, because of close range. Fort save vs Ref save is a tie, IMO.
My conclusion: Sor/Wiz 4. You could modify the range to medium, though.
IMO, I would not allow this spell for two reasons: It is very similar to Lightning Bolt and Electrical Flame Arrow, there are no compelling reasons to add this spell. With metamagic, there are plenty of possibilities to achieve new effects. And every new spell weakens Spell Immunity and similar effects and weakens Counterspelling.