If you have an all-electric home or have electric hot water, hot water is a major expense, accounting for 25% or more of your annual utility bills, according to the State of Texas..
In the Dallas-Fort Worth area, retrofitting a hot water system with one storage tank will cost you around $5000-$6000. The feds will return 30% of that in a tax credit. If you pay $5000, your tax credit will be $1500, making your total cost $3500.
Using figures from State of Texas and Department of Energy (below):
If you are saving 50% of 25% of a $4000 annual electricity bill, that is $500 a year or an 14% return on your money and a seven-year payback, assuming electricity rates do not increase.
If you are saving 80% of 25% of a $4000 annual electricity bill, that is $800 per year or a 23% return on your investment and a 4.4 year payback, again assuming electricity rates do not increase.
Two teen-agers in the home? You are saving more. Only two adults in the home? You are saving less.
Still, a no-brainer.
According to the U. S Department of Energy
"On average, if you install a solar water heater, your water heating bills should drop 50%–80%. Also, because the sun is free, you’re protected from future fuel shortages and price hikes.
"If you’re building a new home or refinancing, the economics are even more attractive. Including the price of a solar water heater in a new 30-year mortgage usually amounts to between $13 and $20 per month. The federal income tax deduction for mortgage interest attributable to the solar system reduces that by about $3–$5 per month. So if your fuel savings are more than $15 per month, the solar investment is profitable immediately. On a monthly basis, you’re saving more than you’re paying."
Do you need an energy consultant, energy auditor, green builder, or green remodeler in North Central Texas or the Dallas-Fort Worth area? Are you purchasing or building a home? Ready to add renewable-energy? Interested in living more sustainably? Contact Terry Jensen Frugal Energy, LLC 972 251-1532 or 817 443-2553 Just have a question or two? Please call. If I can answer without seeing your home or business, I will do so at no charge.
Green Remodeling 972 251-1532 or 817 443-2553
Subscribe to free Dallas-Fort Worth Green Remodeling e-newsletter.
Sent periodically with home remodeling news and information. Also includes calendar of green events and classes.
Note: The opinions expressedherein are exclusively those of the writers or other participants and do not necessarily reflect theposition of CyberParent. They are not intended to take the place of advice of ahealth, legal, or other professional whose expertise you might need to seek.