Conserving the water itself will save you on your water bill, but it can also help you use your water heater less. For instance, if you are more efficient with washing dishes, taking showers, etc. This may have a small impact on your energy bill.
There’s a switch on your water heater that you should be able to turn down. Turning it down slightly can make a small difference on the temperature of you water, but a noticeable difference on your electric bill.
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