Even though there is still time to take advantage of the current SRP solar rebates, I’ve had many people tell me they can’t make the financial commitment before the end of the month. If you want to become energy independent, but need to wait on installing a solar system, there are small steps you can take. A solar water heater is less expensive than a complete solar system, and is a step in the right direction. Not to mention, the SRP rebate decrease does not affect solar water heating systems, at least for now.
SRP customers who install a solar water heating system qualify for a payment of $.50/kilowatt hour of energy savings. On top of that, the Arizona government gives a 25 percent credit, up to $1,000, and the federal government offers a 30 percent credit, up to $2,000. These credits and rebates can save you a lot of money! For example, a $5,000 solar system would only cost $1,590 and could save more than $200 a year (depending on energy usage) on your electricity bill. This means the solar water heating system will have paid for itself in less than 7 years. While this option does not completely eliminate an electric bill, it can shave off a chunk of the expense.
There’s no telling when these incentives will decrease or disappear altogether. If you’re curious to know how much a new solar water heating system would cost for your home, give a certified solar installer a call for a quote.