I don't think I have seen ANY panels before designed for both air AND water.
I would imagine that if you set it up so that you can close off the air vents for summer, it would greatly improve the efficiency of summer water heating, and that in the winter when you use the air heating, the water heating won't work as well.
Kudos for material re-use as well!
I have been looking at home-made hot water storage tanks a lot lately, and yours looks pretty nice!
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