In our house we use hot water primarily only for showering which occurs between 6-7a & sometimes in the evening.
Would it be a good investment in a timer.
Once the heater is up to the temp that the thermostat is set at, it shuts itself off!
It will, of course come back on once the temp. reaches its lower limit!
Blankets are available for electric water heaters, and this will reduce heat loss from the tank!
Your money would likely be better spent, on such a blanket!
Timer is a thought to try and save some energy, but I agree with wildie the blanket would be simpler and better. By letting the heater cool down more with the timer it just would have to run longer latter to heat it all back up to temp again. You would also have to get a industrial style timer for the hardwire 200 to the heater. Many of theses timers do have a current draw of there own. If you really do not want the heater running at all when not needed consider the possibly of a on demand heater.