Hot Water Heater Insulation Blanket

Just wondering if it is worth the $35 to put a insulation blanket on my Electric water heater? I can't seem to find anyone who had done this. My basement is very drafty and I think this would be

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White vinyl covered fiberglass. Fits electric or gas water heaters. Complete with instructions and tape.

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White vinyl covered fiberglass. Fits electric or gas water heaters. Complete with instructions and tape.

Frost King SP57/67 Water Heater Insulation Jacket