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Water is an incompressible fluid, and the shrapnel issue does not apply. Home sprinkler systems can use a variant of CPVC; one trade name is "Blazeguard". Such systems are spec'd under NFPA-13D; this flavor of sprinkler codes is much more practical for a residential installation. There are a variety of sprinkler heads, including "invisible" heads that can be mounted above the ceiling. They drop down when activated by heat. If you want the discount, the installation will likely have to be code complying. Your biggest obstacle is likely to be an adequate water supply. The worst-case hydraulic demand for a typical floor plan would be about 22 GPM at 30 PSI for 10 minutes. This is not a problem for city water, but if you are on a well you will typically need a separate storage tank and dedicated fire pump. The tank and pump will cost on the order of $5000 installed. This is a pity, because the sprinklers and piping is relatively inexpensive. Figure on $1.25 to $2.00 per square foot installed. There is no question that these systems provide a huge improvement in fire safety.
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