Why heat your water for 24 hours? Just install a Hot water heater timer purchased from Lowes. Set the timer for 1 hour before rising in the morning, preferably during non peak hours as designated by Utility and for 1 hour in the evening prior to taking showers and baths, (after Utility peak hours). On Saturday, or laundry day, place the manual setting "on" for laundry day. As the timer cycles it will automatically go back to the timed settings. You can maintain the temperature at 120 degrees while saving money.
Source: Info received from Lows Water Heater Timer packaging years ago.
By Larry from FL
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As a single mother in 1980, necessity became the mother of invention for me. I had a house built with passive solar windows, and all electric heat, kitchen and water heater.