If you have an A-grade cylinder (there should be an 'A' on the side of the cylinder) it may not be economically worth installing a wrap, as it is quite well insulated already. However, these cylinders have only been on the market in recent years. If your cylinder is older it is not likely to be an A-grade - so a wrap will save power and money. If you touch your cylinder and feel any warmth - even just a little - a wrap will retain this heat.
To install a cylinder wrap you need to have good access to the cylinder. You will need at least 5 cm all around the cylinder - more will make the installation easier. If you have easy access to the cylinder, installing a wrap is not difficult and take about two hours. Don't forget to install pipe-lagging insulation to at least the first metre of hot water pipe that comes out of the cylinder, as this will also save you money.