Saving on Energy Costs: A typical domestic hot water installation for a household with two occupants saves approximately $400 to $500 the first year at current energy costs. When the rebates, inflation and increasing energy costs are factored in, the solar water heating system’s typical payback is realized in 4-6 years with a total savings of more than $22,000 during the system’s 25 year life. In comparison, a typical installation for a household with six occupants saves approximately $750 to $900 in the first year with savings of as much as $42,000 over the life of the system. These costs and payback will vary depending on individual homes and occupants.
Getting a Great Return on Investment: How’s your 401k been doing lately? In these times of financial uncertainty an investment in a solar hot water heater can yield a 20% – 25% annual return on your investment. The average family of 6 will save more than $40,000 over the life of a solar hot water heater.
Qualify for Low Interest Energy Financing: Solar hot water heaters qualify for Maine State Housing’s Home Energy Loans. These loans are made available directly through your local bank. The interest rate is 3.95% for terms as long as 15 years with monthly payments as low as $35.00. FMI on Maine Housing’s Home Energy Loans
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