I don't recognize Paragon TC-2.
http://waterheatertimer.org/Paragon-timers-and-manuals.htmlIntermatic cross reference does not have that model number either.
http://www.intermatic.com/customer%20service/competitive%20cross%20reference.aspxParagon sent e-mail last month saying they were no longer making timers and parts, except for defrost timers. Your water heater timer is not defrost timer.
Here is a wide selection of water heater timers, electro-mechanical and digital:
http://waterheatertimer.org/Boxtype.htmlManuals and wiring diagrams are shown for most products on page.
I recommend simple 240Volt Intermatic WH-40 for price and reliability. Drawback is minimum 1 hour on-off.
Or Intermatic T-101 for 120Volt heater or T-104 for 240Volt heaters sold at Lowes.
Intermatic trippers and motors are available and interchangeable, and are made of steel.
Some new timers are made with plastic parts:
GE 15207 is universal 120V 240V and sold at Home Depot.
Tork has new universal electro-mechanical timer, TU-40 for 120 and 240 applications
I use GE 15070 in-wall timer from Home Depot for my water heater because I change times frequently and try to shave every dollar:
http://waterheatertimer.org/Compare-13-electric-water-heater-timers.htmlAdd a comment if you need more help.
You can also take advantage of fixya phone support.
Fixya expert will walk you through any problem for a price.