|
Using the sun to heat domestic hot water is now very cost effective in most of the United States. As electricity, fuel oil and natural gas prices have risen, solar water heating has become increasingly competitive. A typical hot water system can cost between $3,000 and $6,000 and can provide anywhere from 50% to 100% of the hot water used in a home or business. A federal tax credit of up to 30% of the system cost is now available up to a maximum of $2,000 for homeowners. There is no cap for businesses. This means that if the system costs $4,500, after the tax credit for a homeowner, its actual cost will be only $3,150. With the federal tax credit and depending on the cost of electricity or natural gas in your area, payback on a typical solar hot water system can be from 2 to 8 years. Solar hot water system components typically last 25 to 30 years. For information on installers in your area, contact your local Million Solar Roofs Partnership or go to: http://www.millionsolarroofs.org/
|