tend to be more wasteful with energy, at least in terms of insulation and things like that.
On some level it's hard to argue that they're being wasteful in the sense that they are capturing energy that would otherwise be dumped into the environment. On the other hand, shipping that hot water involves a certain amount of pumping and things like that.
The matter is covered, if you have access to a technical library there is an interesting paper that convers this topic: Energy 32 (2007) 1769–1780.
Here is an excerpt from that paper that touches on the point:
Buildings that use district hot water or packaged units for heating purposes use energy more intensely than those using conventional furnaces. Compared to fuel/heating oil, the use of electricity or liquid petroleum gas or propane leads to a lower intensity of energy use, while the use of natural gas increases energy use intensity. Some of these differences may be due to differences in fuel prices, allowing higher comfort level settings when less expensive fuels are used. Unfortunately, building specific energy cost data were not collected in the survey.
I wrote a little more extensively on this paper elsewhere.
When one is young and niave, one has all sorts of environmental fantasies and ideas and as one grows older, wiser, and more informed, some of these ideas drop away once you realize that other people - truly original ideas are rarer than you think when you're a kid - tried them and they didn't work quite as well as expected. This is probably why I'm such a cynic about solar PV electricity and it's oft advertised promise from its advocates that it can "do everything," when actually it can do very little.
Whatever. I remember talking with the father of my seventeen year old girlfriend about the subject of cogeneration when she was the
oldest girl I had ever dated. I was all of nineteen myself.
Of all my childish energy ideas, the idea of cogeneration is the one that has eroded the least. I still think it is one of the most readily available and most under utilized sensible energy strategies there is. And yes, I would favor building nuclear power plants in downtown Manhattan to exploit this kind of opportunity.