THIS PAGE WILL BE UPDATED SHORTLY. PLEASE CHECK BACK SOON. - 10/1/2014
The detailed breakdown:
10,000 is a good working number for a two panel roof-mounted solar hot water system but it might be more depending on any number of factors. Installation includes a new tank, plumbing connections... everything.
A word about tax credits: they are way better than tax deductions. Deductions only realize you a percentage of their stated quantity. Tax credits, dollar for dollar, reduce your tax liability. It is very easy to get both tax credits. The federal is a two page form (5695) that requires no additional documents to be submitted to the IRS. If you have less than $3000 in federal tax liability, not to worry; the balance can be carried forward until 2016 when the tax credit expires.
Unless you are heating with natural gas, most households do spend $500 to $700 per year heating hot water every year. We recently worked with one customer who spent an estimated $900 / year heating hot water using oil. We arrived at this figure based on how much oil was used just during the summer, when heating the home was out of the picture. It was a surprisingly high figure since there is only 2 people in the home and there are no special uses of hot water like a jacuzzi. However, One of the reasons why it is larger than we would all guess is that oil boilers have to keep themselves hot all the time, even when the tank itself is satisfied. This is because they can't ramp up quickly enough if there is a need for more hot water from the tank--essentially it is always in stand by mode--all summer long. Keep in mind this is a device that is capable of heating your entire home, so it essentially is like running a V8 engine when all that is needed is a 2 cylinder.
The detailed breakdown:
10,000 is a good working number for a two panel roof-mounted solar hot water system but it might be more depending on any number of factors. Installation includes a new tank, plumbing connections... everything.
A word about tax credits: they are way better than tax deductions. Deductions only realize you a percentage of their stated quantity. Tax credits, dollar for dollar, reduce your tax liability. It is very easy to get both tax credits. The federal is a two page form (5695) that requires no additional documents to be submitted to the IRS. If you have less than $3000 in federal tax liability, not to worry; the balance can be carried forward until 2016 when the tax credit expires.
Unless you are heating with natural gas, most households do spend $500 to $700 per year heating hot water every year. We recently worked with one customer who spent an estimated $900 / year heating hot water using oil. We arrived at this figure based on how much oil was used just during the summer, when heating the home was out of the picture. It was a surprisingly high figure since there is only 2 people in the home and there are no special uses of hot water like a jacuzzi. However, One of the reasons why it is larger than we would all guess is that oil boilers have to keep themselves hot all the time, even when the tank itself is satisfied. This is because they can't ramp up quickly enough if there is a need for more hot water from the tank--essentially it is always in stand by mode--all summer long. Keep in mind this is a device that is capable of heating your entire home, so it essentially is like running a V8 engine when all that is needed is a 2 cylinder.