Heating water with a wood stove can be tricky and dangerous. While a conventional water heaters element is switched off when the thermostat hits the desired temp, a woodstove does not. This creates the possibility of high pressure hot water explosion. While there is a temperature and pressure valve, these can and do fail besides being messy when they do activate.
I built what is essentially an open boiler system for my wood stove. The water will heat via the thermosiphon process alone, but when I turn on the 12v circulator pump a plate heat exchanger heats my domestic hot water. If the water in the tank loop gets too hot it just boils with no dangerous pressure build up. If I have excess hot water I open a valve that pumps the hot water thru a radiant heat system elsewhere in my house.
I think this system probably cost about as much as a comparable electric or gas water heater tank. I will be adding another tank to the system and insulating the tanks. I currently can take a 10 minute shower with very hot water.
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An early edition of the system
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My radiant bed before the top layer of cob is added
I am going to add another beer keg tank to enable me to store more hot water at a lower temp for safety reasons. If I cut on the hot water full blast on my shower the water is very hot. More tank capacity will mean the ability to store more btus of heat (thus a longer shower) at a lower temperature. I am also adding two 600 watt 12v heating elements. This way in the winter I can divert my unused solar electricity to preheat my water while is am not at home. According to my calculations, i should have 100 degree water by day's end when i light my stove to make dinner. My new tank is currently at the welding shop getting bung fittings welded on.
Here is my extra tank. I had 2 I inch bung fittings welded in so I could add 2 600w 12v heating elements. This will enable me to store more hot water at a lower temp as well as heat my water with my excess solar power.