SteveQ, how many degrees does the hot water drop when you typically turn it off the hot water? If it is a rather short period of time, and I don't know where you live or where your hot water heater is located, you could be fine, but your savings seem to be totally associated to your rate schedule. Three water heater replacements tells me that dropping the temps more than 5 or 10 degrees DOES cause water heater leaks from the constant temp changes. Ideally you would want to preheat your water a bit hotter before your shutdown period, but that also means you can't use much water during that shutdown period either.
You say you save $5-$10 a month? I was having to replace my water heater every 1 to 2 years, and even with the warranty paying for the new water heaters, the labor charges would eat all the savings.
You say you save $5-$10 a month? I was having to replace my water heater every 1 to 2 years, and even with the warranty paying for the new water heaters, the labor charges would eat all the savings.