If you’re looking to install a solar thermal system in your home, this is usually one of the first concerns several homeowners have. Being fully aware that solar water heating systems are usually more expensive than their counterparts - the conventional water heating systems, the question arises whether or not you’ll be able to save some money from your solar water heating system in the long run. In this article, we aim provide an answer to this important question. Let’s take a closer look!
When it comes to solar thermal systems, the money you’ll be able to save in the long run depends on a wide range of factors. These factor includes:
✓ Your system’s performance.
✓ Your geographical location and solar resource
✓ Your household’s hot water demand
✓ Financing and incentive options that are available.
✓ The cost of fuel that’s being used for your alternative or backup water heating system, if you own one.
✓ The cost of conventional fuels such as oil, electricity or natural gas.
There are several benefits, however, that comes with the installation of a solar water heating system. Since the sun is absolutely free, future fuel shortages and price hikes will have little impact on you. Also, on the average if you decide to fit a solar thermal system your water heating bills is expected to drop about 50 percent to 80 percent. What’s more? The economics are even a lot more attractive when you’re just about to build a new home or refinancing. When you include the price of a solar water system in a 30 year mortgage, it’ll normally amount to very low price per month. Therefore, on a monthly basis you’ll be saving more and paying less.