Yeah that's what I've read... My oil-filled heater also has an on/off thermostat built into it, and when I set it to 80 it will go as low as 78 and as high as 82. Not a huge fluctuation, but a fluctuation nonetheless... I would say definately more than the Helix would allow for.
Edit: I just realized that you can set what range the on/off t-stats will allow the temps to rise and fall to before turning on or off... This would probably provide a more limited temp range than the example I used.
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