There are many financial benefits to going solar with a solar water heater:
- Solar energy is free. It will not go up in price and it won’t run out.
- It increases the value of your home.
- It reduces your reliance on traditional energy sources and reduces your exposure to utility price increases.
- The return on your investment can be better than the stock market – 15 – 20% with the current tax incentives and rebates available.
The size and design of a solar water heating system is dependent upon the number of people it serves. A typical solar hot water heater for a family of four would consist of two 4′ x 8′ collectors and an 80 gallon storage tank. Depending on the complexity of installation, costs generally range from $8,000 to $10,000.
Rebates and Incentives
There is a federal income tax credit worth 30% of the cost of the system available to reduce the effective cost of a solar water heating system (there is no longer a cap on the tax credit).
In PA, the PA Sunshine Grant Program rebate is currently not available. For NJ residents, there may be a $1,200 rebate available through the state’s Clean Energy Program (not guaranteed). Exact Solar takes care of all required paperwork.
Financing is Available
Financing options are available to help you start saving money and reducing your utility bills immediately. Call us to find out more about loans that might make sense for your system and your budget.