Get a programmable thermostat for your water heater = turn the temps down an hour or two after you go to bed, or during the warmer times of the day, or the times when you typically don’t use your hot water. No reason to heat what is not being used!
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Pros and Cons of Tankless Water Heaters: Tankless water heaters can save energy, but at a higher initial cost and they serve hot water one faucet at a time—so someone gets a cold shower if multiple showers are running.