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A tankless with a heat exchanger is much safer, as long as we install appropriate safety controls, limit switches, and valves. The point is to be able to turn off the hot water flowing to the heat exchanger and pond if the heater gets stuck on for any reason. In a home heating application, you know right away if the heater is stuck on, it gets too hot. Open windows call repair man. In a pond, you have to have either safety controls or a warning system of some sort. There are several ways to do that. If not,koi die, float to the surface, and then you know the pond is too hot. A tankless direct, no way, too risky for living things.
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