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It will actually be fairly easy to find the most efficient way of using it because you can pretty safely assume that the current draw by the immersion heater will be constant regardless of the amount of hot water in the tank, so all you really need to do is compare the total length of time the immersion heater is switched on when you're comparing different strategies. Whichever strategy needs the immersion heater to be running for the shortest total amount of time, for the amount of water you need, heated to the minimum temperature you require, will be the most efficient for you.