It’s easy to understand the growing popularity of solar photovoltaic (PV) panels. Once installed, these panels reduce your monthly electricity bills starting on day one. In fact, it doesn’t take long for the panels to pay for themselves.But is the same true of solar water heaters? Are they worth the added expense?
To find an answer, you can simply compare the total lifetime costs of solar water heating to the total lifetime savings on home energy costs. Let’s review.
How Much Do Solar Water Heaters Cost to Install & Maintain?
Solar water heater costs vary depending on the size, make and model of the unit. Prices start as low as $1,000. And with several local, state, and federal solar incentives available, you can dramatically reduce the upfront cost of your installation — sometimes by as much as 50 percent.
It gets better: With no moving parts, today’s solar water heaters are incredibly resilient. The solar water heating systems we install are built to last 25 years or more with little to no maintenance.
How Much Can Solar Water Heating Save on Utility Bills?
Again, exact figures depend on size, manufacturer, model, and your home’s typical water usage. A family of five will enjoy larger savings than a family of two will.
According to the U.S. Department of Energy, solar water heaters reduce monthly utility bills by 50 percent to 80 percent on average. With savings like that, solar water heaters pay for themselves very quickly — usually within 5 to 10 years.
It’s important to remember that current payback periods are tied to today’s utility rates. As energy prices continue to rise, the payback period of your solar water heater becomes even shorter because your installation protects you from skyrocketing utility prices.
More Reasons Why Solar Water Heating Makes Sense
Lower monthly utility bills — this is the primary motivation for most solar water heating purchases. But here are two additional benefits you should consider:
- A smaller carbon footprint. Unlike electric and gas furnaces, solar water heaters don’t pollute. Instead, they derive 100 percent of their energy from a clean power source (i.e. the sun). This is great for the environment.
- Increased property value. Energy efficiency upgrades can help improve the resale value of your home. According to the National Renewable Energy Laboratory (NREL), for every $1 in annual utility bill savings, your home’s value increases by as much as $20.
Ready to take advantage of these great benefits? Eager to lower your monthly utility bills and help green the environment? Contact us today for a free consultation.