To calculate the heat flux on the bottom plate of an insulated hot water tank, the formula q = U A (T-water - T-outside) is recommended, where q is heat loss, U is the heat transfer coefficient, A is the surface area, T-water is the water temperature, and T-outside is the outside air temperature. The heat transfer coefficient U can be determined using the formula U = 1 / [ 1/hi + twall/kwall + tins/kins + 1/ho ], which incorporates factors like convection coefficients and material properties. The discussion emphasizes the importance of knowing the tank's insulation and positioning, as these affect heat transfer calculations. For those seeking software solutions, there are freeware options available for computing heat flux. Accurate calculations require specific values for the coefficients and temperatures involved.