I think it would be significant. It would really be a plus if you could add an on off over ride switch so that you could turn the hot water heater off for times that you leave for a week end or vacations.
We have a gas fired heater. As far as I know our only option is to turn it down. Which is what we do when we are going away but that's not practical on a day to day program. But the pilot is still on so it is not as significant of a savings. To turn it all the way off and kill the pilot is too much trouble when re-lighting. I am really surprised that these new gas fired heaters don't use a spark ignition. Our furnace does. I think that continuous pilot cost us at least $20.00/Month.
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