There is probably little to gain from putting a timer on a fuel fired water heater. Water heaters, even gas or oil, do not loose all that much heat overnight or between uses during the day. Whatever heat is lost will eventually be made up when it does turn on, and unless the heater is in a very very cold basement or garage, it probably does not come on during the day at all, unless you run some water.
Uusually, the local utility company can provide you with some hard numbers on things like this.





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