We've had that feature on a few homes we have owned. It's an addition, usually somewhere on the roof/gutter area. It can 'go out/need repair' independently of your irrigation system. If you know the company that installed it, I would call them to 'check it out'... otherwise, my experience here has been, any other company will tell you it needs to be replaced. It shouldn't cost over $120, BUT make sure it's a reputable company, and that it comes with a warranty. Also, we've been told, if you are away from your home a month or more, you should deactivate it while you are gone.
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