I have a heat transfer question that relates to hot water tank wraps.

A tank wrap is intended to reduce heat loss through the tank insulation, but how much of that heat is waste heat? a fraction of losses will reduce heating demand in the home. If a tank is in a basement then you will have heat transfer into and through the walls and floor, but quite a bit will rise due to convection. Certainly during the cooling season all of that heat is waste heat, but during the heating season it would contribute to some degree to heating the space.

Just curious to hear others' opinions and whether or not this kind of thing has been quantified or studied.