Posted on: 5 October 2016
If you're in the market for a new water heater, and your family is interested in reducing its carbon footprint and relying less on the major utility companies, you've likely heard of solar water heaters. By harnessing energy from the sun, these heaters can dramatically reduce your water heating bill and save energy. However, using less energy to heat water is just one of the many advantages to choosing a solar heater.
Benefits of investing in a solar water heater
1. Energy savings. A solar water heater can save you between 50 and 100 percent on your water heating bill. Since heating water for bathing, dishes, and laundry can be up to 17 percent of your utility expenditure each month, that can add up to a huge savings. "Home Power" magazine estimates that the average homeowner can recoup their initial investment in three to five years.
2. Tax benefits. Another major benefit of investing in a solar water heater is the tax savings that you'll realize on your federal tax return. Homeowners who purchase and install a solar water heating system on or before December 31, 2016 can deduct up to 30 percent of the cost of the appliance and the installation. This tax rebate applies even to vacation homes and new construction. (Installations in rental properties are not eligible.) The tax rebate program continues until 2021, with the rebate percent decreasing each year. Applying for the rebate is easy. You simply complete IRS form 5695 and submit it with your regular tax return. Many states and municipalities have additional tax rebate programs for solar water heaters.
3. Energy independence. When you use a solar water heater, you'll have access to hot water even when the power is out. If you live in an area that is prone to several storms and/or high winds, this can be a major benefit.
4. Durability. According to the U.S. Department of Energy, the average solar water heater will last around 20 years. That compares to 10 years for a traditional natural gas or electric-powered water heater.
While a solar water heater may not be the right choice for every homeowner, this type of heater can save you money on your electric or natural gas bill, can reduce your family's energy usage and can even save you money on your federal tax bill. It's certainly worth considering the next time you go shopping for a water heater. For more information, contact a plumber in your area.Share