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They actually produce combined A/C-water heater systems that "recover" the heat of refrigerant compression as heated water.
Water is a MUCH better heat "reservoir" than air, but most municipal water has minerals in it which produce calcium deposits that eventually accumulate and degrade A/C operation...exactly the same way existing water heaters do. The BIG problem with this is that when it occurs, it's VERY expensive to service because BOTH heater and A/C portions of the system must be replaced/repaired...LOT$ of $$$.
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