This winter, Citibank Research issued a report in which it concluded the utility industry is a dinosaur waiting to die.
Quick Facts: Solar Hot Water
Updated: January 20, 2014
- Solar water heaters pay for themselves in 3-10 years, depending on your hot water use and whether you are comparing to gas or electric water heating.
- A simple passive system only adds about $15/month to your mortgage and pays for itself long before your mortgage is paid off.
- The total costs (initial cost, fuel, maintenance) over the life-ycle of a solar water heater is one of the lowest of all water heating systems available.
- Solar increases the value of your home and provides an appealing sales feature.
- Your solar equipment has value independent of your house. You could sell your solar equipment or take it with you when you move.
- Take advantage of state and federal income tax credits (25% up to $1000 state; 30% federal) and exemption from state sales tax.
- Utility companies offer rebates for the purchase of solar equipment including solar water heaters. Check with your utility to see if any rebate applies in your area.
- Increased use of solar will help decreases environmental problems caused by burning fossil fuels.
- Use of solar energy creates quality local jobs by expanding the local solar industry.
- Use of solar provides you with more independence in your personal life.