I just picked up the electric guitar 2 months ago and I'm currently working full time and going to school full time and can just barely squeeze an hour of practice in. With that being said I can get the basic chords and 7th chords down i'm just working on switching between chords fast enough (within a second or two) I can play a minor pentatonic scale alternate picking at 120 bpm and play about 5 different strumming patterns. I have somewhat of the 12 bar blues rhythm down and a few small scales down. I'm coming here for advice on what you all think would be another great place to start with this hour of playing i have available everyday. I just want to make sure i'm getting the best out of each practice.

Also i have dipped into barre chords and power chords.

1. pick a song you like that uses a technique you want to learn

2. learn said song

3. if the technique in question is giving you trouble, isolate the part that uses it and practice it slowly until you get it (a bit of self analysis here is useful so that you won't try to learn songs way out of your league)

4. learn said song again, now properly

5. congratulations! you have now learned a new song, and you have a grasp on a new technique you want to learn. You can do this even if you only have limited time per day, for tricky songs you can reserve more than a single day.

The point of this method is to make sure you won't dedicate all of your limited time to isolated techniques without proper context, but instead keep on learning songs and actual music while pushing yourself forward. Even better if you can do this by ear, since ear training is, in my opinion, the second most important thing you can do (learning songs being the 1#). Learning songs that use techniques you want to get better at by ear is more or less the most efficient form of practice I can think of.
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Theory: Not rules, just tools.

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*note that by fan i mean that guy who wants his friends to know he knows this totally obscure hip band that only he knows about with 236 views on youtube. lookin' at Kev here
watch this video about simple series of exercise

i've been doing it for a year now, and really it helps a lot, my chop's been getting better since, and don't forget to learn new songs
I definitely agree with Kevätuhri for the most part.
Learning to play songs the way they are written will teach you a ton about practical uses of techniques and force you to learn how to perform it.

Make sure when you learn the song, you can eventually play it properly from start to end without too much trouble.

But I would definitely spend a little time learning a new concept, like new chords, new rhythmic patterns, even some music theory. Just pick what you're interested in learning, or learn a concept that will help you get better at the genre of songs you're learning (e.g. concept of sweep picking for metal)

Also don't forget to come back and keep asking questions. The best learners ask good questions and often.

Hope that helps!
"Every time you pick up your guitar to play, play as if it's the last time" -Eric Clapton