Myth: Water heater timers or turning off your water heater during the day will save you money.
This is typically of little or no value since water heaters cycle on a thermostat and typically run about 3 hours out of a 24-hour day. In order to realize a savings, a water heater would need to be set to come on fewer than 3 hours per day. And if you ran out of hot water and overrode the timer, you would override the savings, too. However, cutting off your water heater when you are leaving for the weekend or vacation does make savings sense.