Installing solar thermal panels can significantly reduce your energy costs.
Heating your water for your shower, kitchen and other use is often the second highest energy cost in a typical household. Using instant electric water heaters or electric hot water tanks are a great back-up when the power of the sun isn’t meeting your needs.
In 2015, the Community Energy Cooperative compared solar water heater technology to solar PV. The study concluded that the solar water heater that displaces oil water heating has significant GHG savings (22.3 tonnes), and has the highest ratio of total dollars saved to dollars invested.
| (A) Solar PV | (B2) Solar Hot* Water (oil) | |
|---|---|---|
| Amount invested ($) | $8050 | $8050 |
| GHG saved (tonnes) | 25.8t | 22.3t |
| $ Saved / $ invested | 1.65 | 2.20 |
| Net present value(+/-) | + | + |
| Internal rate of return | 3.8% | 5.8% |
Solar hot water and heat pumps were analyzed for displacing oil or electric heat.
