Solar water heating systems usually cost more to purchase and install than conventional water heating systems. However, a solar water heater can lead to dramatic money savings 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, if you have one.
On average, if you install a household 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.
Source: U.S. Department of Energy: Energy Efficiency & Renewable Energy
http://www.energysavers.gov/your_home/water_heating/index.cfm/mytopic=12860
Businesses can save 40% to 80% on electric or fuel bills by replacing their conventional water heater with a solar water heating system. |
