A recent study shows that using a solar thermal water heater is not just an environmentally-conscious decision, but it can also save you quite a bit of cash.
Progress Energy just released a report in which it notes that customers saved upwards of $235 a year by switching to solar thermal water heaters. That’s a whopping annual savings of 63% on the water heater portion of their power bills.
The Raleigh based company reported to the North Carolina Utilities Commission as a final part of a pilot project using 150 solar water heaters to test out the efficiency of the units.
Progress claims more than 15% of electricity used in an average home is used for heating water, so the solar thermal water heater would be a solid investment over the long-term. The biggest drawback is its high initial cost. Although currently the state of North Carolina offers a 35% tax credit. And of course, there’s also the 30% federal tax incentive.
Here are some basics about solar hot water
Cut 63% Off Your Power Bill With Solar Hot Water originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.