I would question whether there would be significant savings turning a water heater off 8 hours per day. During the time the heater was off, the water would cool. When you turn it back on, the heater has to heat ALL the water back to the set temp. If it was left on, the heater would run only to maintain the water in the tank at the set temp. We found at our previous house that we got better savings from a blanket around our water heater.
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