Exactly right. This is the same as 'setback' thermostats.
There *is* a savings, but it is difficult to calculate/predict
the results...

There's yet another element which offsets any savings in winter. Heat loss
from the hot water tank is heat gained for the house. Obviously this isn't
a good thing during the air conditioning season, but for most folks here
that's a lot shorter than the heating season.

Alarm and Home Automation System FAQ
http://www.bass-home.com/faq/masterfaq/faq.htm

Regards,
Robert

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