06-12-2008, 03:29 AM
I had a solar hot water system installed in May, but have not received my first electric bill.
The initial cost was $5450.00. Helco paid the Contractor $1000.00 which left a balance of $4450.00. We will receive a federal tax credit of $1335.00 and a State credit of $1557.00, leaving a balance of $1558.00.
The estimated monthly savings was $60.00, which at the old rate would take 31 months to pay back. We have turned off the electric breaker to the water heater, which holds 80 gallons and is currently at 160 degrees, so I think the savings will be greater, but we'll see.
Actually, our old water heater was 20+ years old and was going to have to be replaced eventually, which I estimated would cost about $400 if I did it myself. So now, the additional cost is only $1158.00, and the payback even quicker. I'll receive the tax credits in January.
Bill
The initial cost was $5450.00. Helco paid the Contractor $1000.00 which left a balance of $4450.00. We will receive a federal tax credit of $1335.00 and a State credit of $1557.00, leaving a balance of $1558.00.
The estimated monthly savings was $60.00, which at the old rate would take 31 months to pay back. We have turned off the electric breaker to the water heater, which holds 80 gallons and is currently at 160 degrees, so I think the savings will be greater, but we'll see.
Actually, our old water heater was 20+ years old and was going to have to be replaced eventually, which I estimated would cost about $400 if I did it myself. So now, the additional cost is only $1158.00, and the payback even quicker. I'll receive the tax credits in January.
Bill