Two water heater tank wrap choices are available. For moderately-well insulated tanks, for which you wish to supplement the existing insulation, the Bonded Logic natural cotton tank wrap (R-4.1) is an environmentally-friendly tank wrap that can be installed without gloves. For under-insulated tanks that are obviously losing heat through the side walls of the tank, the Frost King R-10.0 fiberglass tank wrap will maximize your savings.
Note: "R-value" is a measure of thermal resistance. The higher the R-value, the more effective the insulating material is going to be. Increasing the thickness of a given material will result in an increase in the associated R-value.