In the intrest of lower utility bills. I have decided to replace my propane water heater with electric. I plan to run it when the electric rates are cheaper at night and in the morning. Since it won't be on all the time, I decided to go for an 80 gallon, figuring it would hold the hot water we needed in the daytime and could stay off.
80 gallon water heaters are fairly expensive ($600?) but I found a plumbing supply house that had some new (unused) 1996 units for $250, still with a 5 year warranty from purchase. As I understand it, electric water heaters are basically 100% efficient, but the insulation may be lower than a new unit. Would I be making a mistake purchasing one of these?

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