This is some great information I found on saveonenergy.ca to help you not only save hot water but save money by saving hot water!
General Plumbing Tips
•Save 15% of your home’s hot water use by taking quick showers instead of baths.
•Install low-flow shower heads.
•Turn your taps all the way off and replace worn out washers.
•Attach an aerator to the end of a faucet to reduce the flow rate by about half.
•Do as much household cleaning as possible with cold water rather than hot.
•Only run full loads in the dishwasher. Use the air dry (or energy saver) option if available. Heat drying is a high energy user.
•Rinse dishes in a tub of clean water instead of under hot running water.
•Fix any leaky taps. One constant drip can waste up to 182 litre-sized bottles of water per week. If it’s a hot water tap that’s leaking, you’re sending your energy dollars down the drain.
•Repair leaky taps, which can waste 182 litre-sized bottles of water per week.
•Ensure that taps are turned off completely.
•Replace worn-out washers.
Hot Water Heaters
After home heating, water heaters use the most energy in the home. Take advantage of the small things you can do to maximize your savings.
•Fix any leaky taps. One constant drip can waste up to 182 litre-sized bottles per week. If it’s a hot water faucet that’s leaking, you’re sending your energy dollars down the drain.
•To save water and energy, install aerators on your kitchen faucets.
•Wrap your electric water heater with a blanket made for that purpose to help reduce heat loss.
•Insulate your hot water pipes.
•Starting at your hot water tank, install pipe insulation around the first metre of the cold water pipe coming into the tank and the first two metres of the hot water copper pipes.
•If you have a gas-heated tank, start the pipe wrap 15cm away from exhaust vents at the top of the water heater.
•Never insulate plastic pipes.
•Install a low-flow showerhead to reduce the flow of water 40 to 60%.