If you have an older hot water tank check to see if it has insulation with an r value of at least 24.
Super insulated hot water heater.
I own an electric 40 gallon dual element hot water heater.
Based on information received from the manufacturer here are the specifications.
This unit comes with two 4500 watt elements and an automatic thermostat which keeps the water at the desired temperature.
Electric medium water heater provides an ample supply of hot water for households with 2 to 4 people.
Combining high quality construction and energy efficient operation this westinghouse 40 gallon residential electric water heater provides hot water for households with up to five people.
It pulls long draws of hot water while minimizing energy consumption.
47 25 inches height 20 inches diameter 24 98 sqft total surface area 2 inches of foam valued at r 16 my water temp is set for 120 ambient temps in the basement are 54f though the floor can be cooler than this 48 52f.
Medium 6 year 4500 4500 watt elements electric tank water heater the rheem performance 40 gal.
If your water tank is new it is likely already insulated.
Super insulated hot water tank.
If not consider insulating your water tank which could reduce standby heat losses by 25 45 and save you about 7 16 in water heating costs and should pay for itself in about.