* You can burn anything even green or wet wood. Toss in wood with a foot of snow and ice sticking to it, it doesn't matter.
* You only have to light it once a year.
* No safety problem. Chimney fires are a good thing in an outdoor stove.
* During most of the winter, I would throw in wood 3 times a day: when I left for work, when I got home from work, and before I went to bed. When it's warmer a lot less times.
CONS
* Expensive. I put mine in back around 2000 and they were cheaper back then. The plumbing expecially.
* You can't go on vacation unless you find someone to keep it burning or (drain it). The do sell some models with built in gas or oil burners in them to keep the water hot though.
* THE SMOKE! Most of the time they're smoldering the wood, so they make a huge amount of thick smoke. Make sure to know the prevailing wind direction and put it downwind from your house. I've seen a lot of them in my area that were put on the wrong side of the house. Nasty. Also, if you have neighbors within 1500ft, you're probably going to make them dislike you.
* It's a "weak" heat. You don't get that hot blasting air out of your forced air unit like you do in a regular furnace. The water's only 180f and you're moving a lot of air through that radiator so it takes a lot of blower time.
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As far as efficiency goes, I know I burned MUCH LESS wood with my outdoor unit than I do with the indoor stove in my current house. That was a smaller house and better insulated though. I do think that they are more efficient as far as wood goes though. They do take more electricity though.
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