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‘You basically have free hot water’: how Cyprus became a world leader in solar heating
(www.theguardian.com)
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Can second this: direct heating of anything is always going to be more efficient. Also, only ~25% of incident energy on a PV cell is actually captured as electriciy (see here for theoretical backing), and the rest is lost in a lot of ways, but much of it is converted to heat at the PV cell, and if you're capturing that you're using direct heating anyhow.