Makes sense. I assume you added external insulation around the sides and top. One other thing to reduce heat loss if the distribution piping is above the water heater is to put a U bend in the hot water supply. If your hot supply pipe is hot above the water heater you can/ will lose heat that way. Adding a 12" drop and then back up will prevent thermosyphon. Hot water is less dense so it rises to the top. A 12" deep/ long U or S bend stops that. Just FYI.