No it's not with it economically speaking. It's common knowledge to the industry that the payback period for the extra upfront costs and annual maintenance (yes) takes 12-20 years.
The new standard tanks are very efficient. A water heater blanket isn't even recommended anymore. It just isn't worth it. Unless you have a specific need or desire for a space savings or on demand hot water (on demand even sounds "entitled" doesn't it?) there is little reason to get caught up in the hype í ½í¸œ
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