That is a nice question and unfortunately I don't have a clear answer. This topic was discussed couple of times in previous threads without solid conclusion.
Obviously, the upper limit for heat up calculation is BHP and lower limit is (BHP-WHP). ASHRAE suggests using BHP for recirculation systems incase of heat load calculations.
However, this is quite conservative approach. For example, (1) The inefficiency of the pump and the friction at the pipe walls do impart heating to the fluid. However, WHP is not totally offset by friction. The liquid does have kinetic energy which, ultimately, gets dissipated in the tank.
(2) WHP should take care of the static head of the fluid.
(3)Some portion of energy is being used to displace the air from the tank.
(4)Heat is lost to the atmosphere from piping and tank.
So, I think this is a risk based approach. Do you have any comments on this?
Regards,