How Much Money Does Having a Solar Water Heater in Hawaii Save?
Investing in a solar water heater might be a sound investment considering where we live. Hawaii is sunny. The weather is typically warm and welcoming. That’s why so many tourists visit our beautiful island. As a homeowner here, though, you probably want to save money while still heating your house. That makes sense. Solar power is surging.
Initially, the cost of a solar water heating system can be exorbitant. This is an investment, after all. Your initial installation fee and the cost of the unit itself often range between $6,300 and $7,200, depending on the size of the tank and your home’s needs. This is an upfront cost, though. Once everything is professionally installed, you’ll start saving money almost immediately.
Any homeowner who is tired of looking at the numerous numbers on their monthly energy bills has dreamt of a more affordable option. Well, solar heating is that option. You’ll pay less per month, which adds up over time!
After paying for professional installation, you’ll enjoy instant savings. In fact, an immediate rebate will help reduce the amount you spend initially. Not to mention the tax credits. Most homeowners enjoy tax credits in the thousands of dollars. For a single-family dwelling, the tax credit is capped at $2,250, which means you’re already saving money and receiving some back.
For more concrete numbers, switching to solar water heating systems can save you around 40% on your electric bill annually. Depending on your usage, that’s about $600 per year, give or take. That may not seem like much now, but with tax credits, rebates, and the extended lifespan of such systems, you’ll save plenty of cash in the foreseeable future!