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yes it is possible the only issue is it will stay on much longer and take 4 times as long to heat the entire tank to set temperature not half as long, plus wiring it up like that will void any warranty you may have on the unit, other than that it will be fine.
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Well the voltage is not gonna damage the board but, the board may error out and not allow the unit to operate if the board detects there is not enough voltage present and seeing it is a 240 volt system it may just do that but it would not damage the board.