Here is a Great Article from Housemaster

HOT WATER CONSERVATION TIPS
In modern homes, hot water is as close as the faucets in the kitchen, bathroom and laundry areas, and its availability is often taken for granted. Generally, even less thought is given to the cost of heating water because its use is constant rather than seasonal, as with a central heating or cooling system.
The temperature and amount of hot water used depends on several factors, including the number of people in a household, the number of bathrooms and whether there is a clothes washer or automatic dishwasher. Water heating may account for as much as 15 percent of your total energy bill. If your utility bills ran $2,000 last year, you may have spent $300 to heat water. You can't do without hot water, but there are several ways to conserve it so that energy requirements and costs will be less:
Wash only full loads of laundry or use appropriate water level or load size settings on your clothes washer.
Use as low a water temperature as possible for the wash cycle of your clothes washer. Use cold water for all rinse cycles. Pre-soak heavily soiled clothes before washing.
Scrape dishes before placing them in a dishwasher. If rinsing is necessary, use cold water.
Try to run your dishwasher only once a day or when fully loaded. Use the shortest cycle that will clean the dishes.
When washing dishes by hand, fill a pan with hot water for rinsing. Don't let hot water run continuously.
Install flow restrictor showerheads. These devices can reduce the amount of water flowing from the pipe from 5 gallons (19 liters) per minute to three (11 liters) while still maintaining adequate pressure.
Take quick showers instead of baths; they use up to 50 percent less hot water.
Don't let hot water run continuously when you shave. Close the drain and fill the basin with water instead.
Turn down your water heater thermostat to a minimum or vacation setting if you plan to be away from home for an extended period of time.
Repair any faucet leaks. A leaking hot-water faucet is an energy waster and should be repaired immediately.
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