On the Level: More pros than cons for timer on water heater

We have some interest in a timer for the water heater. We would like to have some info on the timer and its economic possibilities. Please explain the pros and cons of the timer.

There are certainly more pros than cons. Basically, the timer is a switch that you control to turn itself on or off at whatever time of day you desire. Traditional electric water heaters are little more than big metal tanks that have heating elements in them which are controlled by integral thermostats now factory-set at 120 degrees F. They are adjustable and can be set higher or lower, which I'll talk about later, but the 120 degree F setting is an...