Drake,
First, what is the differential between the peak and off peak rate? Also look at the availability of natural gas as that option is almost always cheaper that using electricity to heat water.
I have a client that does not have access to natural gas, but very inexpensive off peak electricity cost ($0.03) vs almost triple on peak. We suggested two tanks with one tank just for preheating water at night.
Even if you have one tank, there is not much mixing between the top of the tank and the lower part.
Does this help?
Steve
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consulting on geothermal heating/cooling & rational energy use since 1990
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