Return on Investment
A primary concern regarding the installation of solar heating systems is cost. Previously, the costs of solar energy were prohibitively high, but with technological advancements and an increasing awareness of the need to alleviate dependence on commercial energy sources, the average price of a solar heating system has decreased dramatically.
Studies have proven that solar heating systems have a payback time of 4-8 years, which may seem like a long time, until you consider what those savings mean to your monthly expenditure. By supplementing your electricity needs with solar heating you can shave up to 40% off your monthly electricity bill.
In order of priority, the following steps should be considered based on the payback period of each:
|Type of Technology||Typical Payback Period (system dependent)||Anticipated Lifespan|
|Solar Water Heater||2 – 6 years||20 – 25 Years|
|Insulation (if applicable)||2 – 8 Years||25 Years|
|Lighting (CFLs & LEDs)||3 – 6 Years||60 Years|
|Solar Photovoltaics||6 – 11 Years||25 Years +|
|Heat Pumps (domestic)||4 – 12 Years||15 Years|