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I had already done the calculation for raising water from 60f to 125f using a cost of $1 per therm. This should give you a rough idea.

Q=c*m*(t2-t1), where,

c=specific heat of water (1 calorie/gram)

m=mass of 1 gal of water = 3780 grams

t is in degrees celsius: 60f-125f ==> 15.5C-51.6C

Using those values, Q=[1 cal/gm][3780 gm/gal][51.6C-15.5C] ==>136458 cal/gal

There are 25200 Kilicalories/therm, so 1364548 calories = .005 therm.

So, at $1/therm for natural gas, the cost to heat 1 gallon of water from 60f to 125f is about 1/2 cent.

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