A fluid heating apparatus has a fluid inlet, a fluid outlet, and a fluid path, and comprises a fluid pumping assembly configured to increase the pressure of the fluid on the fluid path, and forms a portion of the fluid path. A heating assembly is configured to heat the fluid between the fluid inlet and outlet, and forms a portion of the fluid path. A heat recovery assembly is configured to recover heat from the exhaust gases, and forms a portion of the fluid path to transfer recovered heat to fluid moving through the fluid path. A collection assembly may be employed to collect condensation from exhaust gases passing through the recovery assembly. A method is also disclosed.