My parents in 1988 put their water heater on an overnight mode. Even with 4 kids taking baths we ran out of hot water twice that I remember (so about once every 5 years), and I can assure you as kid we weren't worried about conservation. 200 gallons (800 liters) of storage turns out to be plenty for all the baths people take in a day.

I know my parents got half price electric for water heating, but I don't know how much they actually saved.

A 60 gallon tank is considered large around here, so no wonder you had a 200 gal tank if it only heated at night!

The electric company gave us the tanks for free to us to sign up. Though the need for larger tanks to pull this off is important.