If you are interested in another way of saving money and energy, a tankless hot water heater is an option. This concept may seem a little strange since we are used to hot water tanks. However, as their name suggests-tankless hot water heaters have no tanks and they heat water on demand as needed! This is obviously energy and money saving because you would only be heating water that you use, there would be no waste.
One thing to look into with a tankless heater is how much it can heat. Sometimes smaller ones cannot heat as much or you cannot run two things at the same time, so you may want to look at bigger ones or full house heaters. Also, these tankless heaters can be more expensive than a regular storage tank hot water heater, yet they will save you money and energy after their installation.
Maybe you are not in the market for a new water heater right now. However, if your hot water heater breaks beyond repair, or it becomes old and inefficient, a tank-less hot water heater may be the right option for you and what you need.