Recently, the Rocky Mountain Institute (RMI) published an infograph about how homeowners can go solar and reap the economic benefits.
The most well-known is a photovoltaic (PV) solar system. This provides electricity for homeowners. While RMI notes payback on a PV system can range between 0-23 years depending on various concerns (utility, ownership, financing), the cost of panels is projected to fall to $0.74/watt by the end of this year. This will continue to make PV systems more affordable in the near future for homeowners.
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A solar hot water pump may be your answer if you are looking to cut your water bill as much as 50%-80%. The average payback for a hot water pump is 6-10 years, depending on how much solar power offsets the water bill, plus factoring in gas and electricity costs. While there are some suggestions which involve a heavy investment,others can give the most payback with little investment. A clothesline for drying outside, is not the most technologically attractive method. However, it provides quick payback, thanks to the sun’s rays drying your clothes outside.
Out of these solar options in the infograph, which is the best to use?