Your water heater loses heat through the tank walls 24 hours a day, even when nobody is using hot water. That standby heat loss accounts for 10-15% of your water heating costs. An insulation blanket on the tank and foam sleeves on the first 6 feet of pipe cuts that loss by 25-45%, saving $30-50 per year. The whole project takes 30-60 minutes, costs $20-50, and pays for itself within the first year. Older heaters (pre-2000) benefit the most, but even newer ones are worth insulating if the tank feels warm to the touch.