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Tankless water heater outisde or inside?

APW

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Looking at installing a tankless ao smith water heater for my IBA presoak. It would be easier to mount it ouside right above the gas meter but I know it would take several seconds before the hot water would reach the pump stand. If I get a inside unit I could mount it right next to the pump stand but then have to deal with venting the unit. What would you do?
 

MEP001

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I'd mount it inside to keep it out of the elements and prevent it from being stolen.
 
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