Insulating your hot water cylinder is one of the simplest and easiest ways to save energy and money. Fitting a British Standard 'jacket' around your cylinder will cut heat loss by over 75%. If you already have a jacket fitted, check that it's at least 75mm thick. If not, it's well worth treating your old cylinder to a new winter coat.
A new, 75mm thick hot water cylinder jacket will save you around £30 per year. The jackets themselves cost about half that, meaning that you'll reclaim your initial cost in around 6 months. Insulation for hot water pipes will cost between £5 and £10 and save you around £10 a year, which means you should recover the cost of fitting within a year.
You'll be saving about 195kg of carbon dioxide (CO2) when you fit a British standard hot water cylinder jacket and around 65kg of CO2 with pipe insulation.