Usually keep it on 24/7 and let it sleep when there is no activity. Restarts/power downs are perhaps once every two weeks or so, mainly for updates or a Time Machine bug.
According to Apple's Environmental Report, both the 21.5" and 27" use 1.25 to 1.36 Watts asleep; 0.34 to 0.48 Watts turned off.
Best solution would be to completely unplug it completely, but even in sleep mode, it is using a whole lot less power than any other devices/appliances that are plugged in (everything from cable boxes to speakers).
Now, you'd still want to monitor it sometimes so it actually does go to sleep. Some apps keep it awake, but even in idle mode (display off), they only use ~35-43 Watts.