I haven't had the excess power to dump into a water heater, but I would use an inverter. Using a 12V element will dump as much power into the wires as the water. I use a freezer as a dump load now. When the set voltage is reached, the inverter turns on for eight minutes. This drains the battery enough so it can act as the dump load. Any inverter application should use a timer, You always need to make sure you have enough battery to act as the real load. A standard 240V element will be 1/4 the wattage at 120V. That would be a light load for an inverter. Running two independent inverters on two elements would provide a safety feature should one fail. I should say that my cost for big inverters is way under $20 each since I buy them for repair. In many cases I eliminate half the electronics and use 140V DC as the output. This greatly increases the reliability. Control is a complex issue, what do yo do when you have all the hot water you need? There has been almost no discussion about inverters as dump loads because the control is so complex. One big problem is that inverters trip out with voltages over 15V so dumping has to start at a lower voltage than you would like. I just find it much more practical than all those big wires.