Yeah, I think you could get a good measurement by taking a fixed amount of water such as 1 gallon and running it for a set amount of time in a fixed ambient temperature and then calculate heat dump based on the temperature rise vs. heat dissipation. You would have to heat the water up and then let it cool back down to calculate its dissipation though I think.
My boss used to teach thermodynamics at UCLA a long while ago so I am sure that I could get some methods and equations from him if you want.
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