One month update!
As of this morning, 32 days since I installed the meter, the water heater has used 91kWh of electricity, for an operating cost of approximately $0.42 per day, and roughly one shower per day. Not too shabby, eh?
I have no idea what the straight resistance heating cost would be, and I don't intend to find out.
Where I lived previously, I had worked out that a shower on my instant propane heater cost me about a dollar, though in its defense, it had a 50 foot uninsulated copper run between the heater and the showerhead.
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