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They work great and are easy to hook up, or if you are unsure about how to do it you can pay a pro to do it and still get a return on your investment within a year or two.
If they are available for your voltage of water heater I would go with a digital timer so that you can have it come on lets say on every morning from 5am-7am (water stays hot for 3-5 hours after that) then on Friday and Saturday it also comes on in the after noon for an hour so you can shower before any evening weekend plans.
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