Solar water heating systems usually cost more to purchase and install than conventional water heating systems. However, a solar water heater can usually save you money in the long run.
How much money you save depends on the following:
- The amount of hot water you use
- Your system’s performance
- Your geographic location and solar resource
- Available financing and incentives
- The cost of conventional fuels (natural gas, oil, and electricity)
- The cost of the fuel you use for your backup water heating system, if you have one.