Having it on 24/7 will definitely cost more than using it on demand/as needed. Try it for a week (a) on 24/7 and (b) only on when needed and compare the meter readings.
"Considerably"? Are you sure? I would have imagined that leaving it on 24/7 would cause more wear and tear than switching it on/off as required?
Whichever strategy needs the immersion heater to be running for the shortest total amount of time, for the amount of water you need, heated to the minimum temperature you require, will be the most efficient for you.
I wish I could swap with you. How do you only use €65 of electricity in two months? I would be happy if I could get mine down to €65 for one month.
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