I installed a timer years ago along with an insulation blanket made for hot water heaters. It did cut the bill by about 15 bucks per month. I don't know if they still manufacture insulation blankets for water heaters or not, but when used in combo with a timer, we never noticed any difference in water temps and never ran out of hot water. This was back in the mid-80's.
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If I'd known I was gonna live this long, I'd have taken better care of myself. Eubie Blake
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