The Economics of a Solar Water Heater

 

Solar water heating systems usually cost more to purchase and install than conventional water heating systems. However, a solar water heater will save you money in the long run.

How much money you save depends on the following:

  • The amount of hot water you use
  • Your system's performance
  • Your geographic location and solar resource
  • Available financing and incentives
  • The cost of conventional fuels (natural gas, oil, and electricity)
  • The cost of the fuel you use for your backup water heating system

 

On average, if you install a solar water heater, your water heating bills should drop 50%–80%. Also, because the sun is free, you're protected from future fuel shortages and price hikes.

If you're building a new home or refinancing, the economics are even more attractive. Including the price of a solar water heater in a new 30-year mortgage usually amounts to between $13 and $20 per month.

The federal income tax deduction for mortgage interest attributable to the solar system reduces that by about $3–$5 per month. So if your fuel savings are more than $15 per month, the solar investment is profitable immediately. On a monthly basis, you're saving more than you're paying.

 

 

Eco News & Resources

For the latest news on renewable energy, click here.

For More Information

Sign up here to receive our newsletter:


Privacy Policy

Solar Estimator

Want to know what your cost and payback would be on a renewable energy system?
Click here! Estimate my solar energy system.

Get Started

Click here for a quote on your renewable energy system!

Better Business Accredited www.find-solar.org connects people to solar energy professionals. NABCEP
Facebook

Renewable University | Sustainable Community | Products | Company Profile | Client Solutions

© 2009 Eco Depot USA. All rights reserved.

Internet empowerment provided by GS Multimedia