I took the time to do this, and found that my electric water heater consumes nearly half of the electricity in my home.
Oh man, do I know this feeling. My old duplex I moved out of last year had an electric water heater from 1991, it easily ate up 1/3 of our electric usage every month. New house has a gas water heater, during the summer months our gas water heater results in a $20 gas bill (roughly $10 of that is the connection and other assorted fees).
Old water heaters, especially electric ones can really suck energy like nothing else. My summer electric bill at the new house is still roughly $30/mo cheaper and I'm running like 500W of gear 24/7 in my office/lab that wasn't at the old place.
Then observe change at meter, write it down, and do some math.
As an added benefit, I got to verify and one case relabel the circuits.