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We used the heat tape on our hose and around the tap the last 2 winters during January when it dipped down into the 20's. We also covered it with that foam insulation. Had no problems. The only thing about leaving a tap running or dripping is that if it trickles out the drain and will slowly build up ice in your drain hose. If you leave the drain closed, you run into a problem with the tank filling and overflowing... I would go with the heat tape.
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