People are talking about tankless water heaters.
Facts: Instead of wasting power to keep 30 gallons (or whatever size your tank is) of water hot all day , tankless heaters only heat water when you need it.
They also take up much less space than your typical water heater.
For more information to determine if a tankless water heater is for you, read full article here.

Heating water in your household accounts to close to 13% of your utility bill.
There are ways to reduce that:
Set your thermostat on the heater to about 130 degrees.
You could insulate your existing heater with heater blankets, insulate the pipes connecting to the heater as well.

Or invest in a tankless or solar water heater. Initially they cost more, but they save energy and will save you in the long run.
You may also be eligible for tax credits and rebates if you use a tankless or solar water heater.

In Hawaii they’ve instated a new regulation that new homes have to have solar water heaters, there are no exceptions now.
Wish the rest of the states would get with the program!