Today's typical stove or, in DraigFlag / Paul's language, "hob" uses electric heat coils. They are 70% efficient with converting energy into heat. But they are slow to react with controlling cooking heat.
Experienced cooks like cooking with gas, because of the ability to instantly control the heat. But gas is only 35% efficient with converting energy into heat. And, there's soot, too.
With induction cooking, like gas, you have the same instant heat control but with 85% energy efficiency. Of course, there's no soot, too. Unlike electric coils and gas, which heats both the pot AND surrounding air, 100% of the induction heat goes directly into the pot.
If you've never tried induction cooking you don't know what you're missing. From the moment I turn on the hob, meat sizzles in 10 seconds. Enough water to make a mug of coffee roars to a boil in 90 seconds. I grind my coffee beans before turning on the induction burner or else the water boils off.
Induction cooktops, like early microwave ovens or any leading tech, were really, REALLY expensive. I jumped at my 1,500 watt induction cooktops, which are plenty powerful enough, when the first price cliff occurred. But you can now buy 1,800 watt versions for less than US$100.
More on the topic here:
http://ovens.reviewed.com/features/i...hrough-science
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