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General Steam Heat and Water Heater in one furnace (Slant Fin GX-150)

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Hi, I have a old Slant Fin Steam/Water heater for my house and Steam/Water heater is built in into one furnace. The Steam is for my first floor and the water is for my basement. I dont use my basement that much so I setup my thermostat to 60 F and my first floor to 70 F.

Do I wasted the water heater if I dont turn it on because its heated either way inside the furnace? Will it save my money if I set both to 70 F?

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What about if the weather gets real cold will that affect the pipes? Have you already set them for those temps? I never even seen a steam heater.

But I live in a swamp so go figure.

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