Reduce the capacity of an electric hot water tank

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I have a 2 year old 500 litre electric hot water tank in a domestic property that, due to a change in renovation plans, is now too big for our needs. 250/ 300 litre would suffice. My question is, rather than replacing the tank, is there a way to reduce the capacity of the existing one thus saving water and electricity?
 
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Does not your tank have two or more heating elements that dictate how much water you heat? I know of no method of reducing the storage capacity that would be acceptable.
 
The standing losses from a well insulated cylinder are fairly negligible. So if you don't use the hot water you won't use the electricity.
 

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