Does it save money to turn off your electric water heater when not in use?

Turning a hot water heater off while not in use does save money, according to TXU Energy, a Texas power company. The easiest way to turn off the heater is with an automatic timer that keeps the power on only when hot water is most needed.

There are several other ways to save money on water-heating costs, including insulating the tank and pipes and installing heat traps to prevent excess hot water drainage, TXU Energy notes. One simple way to save money is to lower the hot water temperature to 120 degrees Fahrenheit, down from the 140 degrees that many manufacturers set as the default temperature.