I see where this thread is going.... :

I was talking about using HT to stop the pipes and filters from dropping below freezing in the very cold weather, NOT for heating water as it passes through (a la diesel/LPG heater).
Trace heating is perfect to heat pipework to maintain temps with no flow, but will never be 'man enough' to heat the water passing through.
Sorry for the confusion.
But. If you can get the TH bits cheaply or FOC, then I still think this focussed method will be more ecomonical than oil filled rads or the like.
HTH.