The Benefits of Solar

Saving on Energy Costs: A typical domestic hot water installation for a household with two occupants saves approximately $400 to $500 the first year at current energy costs. When the rebates, inflation and increasing energy costs are factored in, the solar water heating system's typical payback is realized in 4-6 years with a total savings of more than $22,000 during the system's 25 year life. In comparison, a typical installation for a household with six occupants saves approximately $750 to $900 in the first year with savings of as much as $42,000 over the life of the system. These costs and payback will vary depending on individual homes and occupants.

Getting a Great Return on Investment: How's your 401k been doing lately? In these times of financial uncertainty an investment in a solar hot water heater can yield a 20% - 25% annual return on your investment. The average family of 6 will save more than $40,000 over the life of a solar hot water heater.

Qualify for Low Interest Energy Financing: Solar hot water heaters qualify for Maine State Housing's Home Energy Loans. These loans are made available directly through your local bank. The interest rate is 3.95% for terms as long as 15 years with monthly payments as low as $35.00. FMI on Maine Housing's Home Energy Loans

Federal and State of Maine Solar Incentives: You will receive a tax credit (bottom line credit not deduction) on your federal tax return for 30% of the installed cost of your solar hot water heating system.  You will also receive a 30% up to $1,000 State of Maine Solar rebate. The combined result of these two incentives reduces the cost of a solar water heating system by 40-60%. (Note: the State solar rebate is suspended at this time but will be reenacted using federal stimulus package money recently approved by the US Congress and President Obama.)  View the federal tax credit and the state rebate forms.

Reducing Your Energy Dependence: An average family of four will save 600 - 800 gallons of heating oil or 2,400 kilowatts of electricity annually by installing a solar hot water heater. Note: these amounts are general estimates and your actual savings will depend on your particular situation.

Being Green: Solar water heaters use about the same amount of electricity as 2 seven watt night lights to produce 60% - 75% of your annual domestic hot water needs. You can reduce your effect on global warming by as much as 4,000 pounds of carbon dioxide a year.