To either Pre heat the hot water in the heat exchanger or not! With it on, the boiler will fire occasionally to keep the heat exchanger at a certain temp, and give you hot water quicker. With it off, the boiler may have to fire from cold, to give you hot water, which can take some time.
Impossible question to answer as every instal different. All it does is preheat the plate to 65 so that when tap is turned on the boiler doesn't need to heat plate from scratch.
You've got to weigh up the inconvenience of waiting for the water to come through versus the cost of keeping the boiler warm at all times. If you have a water meter you then add the cost of the water wasted to the mix.
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