Considering replace water heater with array of solar panels

Reference no: EM13689467

We are considering replacing your water heater with an array of solar panels. The net installed cost of the solar panels is $1,400 ($2,000 less a 30% tax credit from the government). The existing water heater uses 200 kWh per month, so at $.12 /kWh the cost of operating the water heater is $24/month. Assuming the solar panels can save the entire cost of the heating water with electricity, what is the simple payback period for the solar panels (rounded off to the closest year)?

Reference no: EM13689467

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