Electric Water Heater & High Electric Bills

Hello.

my electricity bills have been sky high for as long as i have been keeping track of them (less than 2 years).   i finally decided to try to track down the culprit.  I bought a watt meter to find phatom loads.  I found some and took care of them



However,

The electric hot water tank has got me thinking.  Could this be the cause of high utility bills?  The tank itself is ancient (RHEEM).  By the way it is rented from the utility company.  it is hard to tell the age because there is no date stamp, and the model number does not come up on the internet at all.  If i were to guess, maybe 25 years easily.  It functions in that I get hot water no problem



1.  Is it possible that the electric  HWT consumes way more energy than it should?, and how?

2.  Is there a way to track the usage?  My utility company installed a smart meter last year, and required an upgrade to get a new circiut breaker panel from old fuses

thanks
      


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Are there any other considerations I should be thinking about in planning this?




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pete
      
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