I wasn't aware of this until recently but your hot water bill can account at least 15% of your home heating bill. This of course can different depending on what type of hot water heater you have, how old it is and what type of heating you have. Electric hot water heaters being the most costly. It's hard to say because of those factors how much you can save by adding a hot water blanket but obviously for a minimal investment it will save you money.
We have an electric hot water heater so in to save a bit of money I picked up and installed a hot water blanket this weekend. It's cost about $20 from my local hardware store and took less than 15 minutes to install. Here is a picture I took with my cell phone after it was all wrapped up.
If you hot water heater is warm to the touch then you can benefit from adding a hot water blanket. Another great tip is to also add foam insulation around the hot water pipes leading away from your tank. You can pick these up from your local hardware store as well. Just make sure that when you are putting your blanket on that cut away from the blanket where your electricl source comes in. I found this guide on Installing an Insulation Blanket on an Electric Storage Water Heater.
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Good call with this. You want to make sure you protect your hot water heater for years to come.