According to the experts, the cost of heating water is nearly 15% of your utility bill. It makes sense, then, to find the most energy and cost efficient method to accomplish that task. With the development of high efficiency hot water heaters, we have, in fact, “re-invented the wheel” where heating water is concerned. Depending upon your choice of system, a high efficiency hot water heater will use from 10 to 60% less energy than standard models. A bit of virtual comparison shopping will help you decide which style is right for you.