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Timing belt: 98% efficient.
Serpentine belt: 98% efficient.
V-Belt: 96% efficient.
Slippage on any of them will completely kill efficiency. Timing belt wont slip, though, unless it loses all tension.
I favor the idea of serpentine belts, as, thanks to the auto industry, you can get practically any size you want, on the cheap. Pulleys can be salvaged cheap as well. And they can transfer a lot of power...a supercharger can suck back 20+ horsepower, and most of them are run with a plain old 6-ribbed serpentine belt.
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