If you have a water heater that is currently set at 140 degrees Fahrenheit, you can probably lower it by at least 20 degrees. You will still be able to take advantage of saving energy and money.
Have you ever thought about having a tankless water heater installed? The ones with water can be a victim to standby heat loss. Since the water tank is required to have hot water all of the time, it will wait until you are the one that needs it. When you are not using the hot water, there is a cycle with heating up the water and allowing it to cool until it's time to heat it up again.
Hot water that is used will cause cold water to come back into the tank. The cold water helps to keep the tank full. As long as the water stays cool, more energy will be used to heat it up.
With a tankless water heater, the water will heat up when you need it to. The pipes will heat up when you turn on the hot water at the sink. The water will continue to heat up until you turn it off.
Having this kind of heater can be very efficient and you won't be wasting water. You will save money in the long run. Even though it is a little more costly to install a tankless water heater, the benefits are even greater. Within a year, you will have made your money back. Plus you will be able to save up to 50% on your water heating bills.
Your water heater tank can be insulated using an insulating blanket. Doing this can save a lot of emissions from carbon dioxide fumes. You will also save money by doing this. You should also insulate the pipes.
The pipes have to be heated from the hot water prior to having hot water in the tank. The more areas of your water heater that are insulated, the better off you will be. You will have saved money and decreased CO2 emissions.