Quote:
Originally Posted by Piwoslaw
...which part has more (thermal) energy: the moisture or the dry air...
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This doesn't really answer your question directly, but the rule-of-thumb increase in efficiency of a condensing vs. non-condensing gas furnace (or water heater) is about 15% greater efficiency, which is actually a lot, especially considering how good the efficiency of a modern non-condensing furnace already is.
-AC_Hacker