Economics of Solar Water Heaters
There
are many benefits to owning a solar water heater, and number one is
economics. Depending on the cost of conventional fuels, solar water
heaters can be more economical over the lifetime of the system than
systems powered by electricity, oil, propane, or even natural gas.
And because the sun's energy is free, you are cushioned from future fuel shortages and price increases.
The amount of money that you save will depend on the amount of hot water you use, your system performance, available financing and incentives, and the cost of the fuel you use for your backup water heating system (if any). Although it is initially more expensive than conventional systems to install, you should see a reduction of 50% to 85% in your utility water heating bills when you add a solar water heater.