I am debating the effort to save on electricity costs with my electric water heater. Solar water panel heater, hybrid water heater, etc. Before I go down that path, I want to track the cost of the existing setup by measuring the amount of electricity used by the tank over the next several months. How can I do that? I read I can have a sub meter/panel I, but then what?
I have a 70 gallon electric hot water heater, 5 years old. The sticker says avg annual cost is about $550. The heater sits in an enclosed closet adjacent to the outside of the house, and it's shaded. Being in Arizona, closet temp is about 100F or higher in the summer and about 75F in the winter.
I have a hot water loop and circulator that runs 7am to 1am.