AFCU Money Matters - Fall 2007 - (Page 13)

the good life Saving Energy, Saving Money So why are Americans nodding their heads to the sun? The reasons a typical family purchases a solar system vary, says Ray Ben-Gis, president of Solar Wise Inc. in Canoga Park, Calif. But there’s one common theme: It saves money. Ben-Gis says economics are the key deciding factor for many families. “With the ever increasing price of energy and the increasing cost of providing hot water to a home reaching up to 30 percent of a family’s total gas bill, solar heating makes incredible financial sense,” he says. One Southern California family can attest to the benefits of going solar. “We decided to ‘go solar’ this summer when our pool heater stopped working,” says Kristie Greenleaf, from Redondo Beach, Calif. “The first month’s heating bill dropped about $400. Our swimming season has been extended, our cost of heating has decreased and we’re keeping our commitment to green living.” Ben-Gis answers a few basic questions you should know if you’re considering going solar. You may also visit the Solar Wise website at www.solarwisenrg.com for more information. What is the average “energy payback time” on solar energy systems? A domestic hot water system will usually have a payback period of less than five years when compared to conventional gas water heaters. Pool heaters tend to have a payback time of less than four years when compared to LP gas, which is the most common heating fuel used in the United States. What maintenance is required when a solar product is installed? Both pool and domestic hot water solar systems are virtually maintenance free. Most issues with solar systems have to do with either an improper installation or abnormal weather conditions. Always use a certified solar contractor to design and install your solar system. What is the life of the system? Most solar collectors carry at least a 10-year warranty, but it isn’t uncommon for a solar system to work without any issues for 15 to 20 years or more. The Nuclear Energy Institute recently asked 1,000 Americans what their top choice would be for generating electricity in 15 years. The sun — not nuclear plants, coal or natural gas — was the clear winner among survey participants. The government also sees great value in solar energy. In the current fiscal year, the U.S. Department of Energy plans to spend $159 million on solar research and development, nearly twice what is budgeted for nuclear energy research and development. FALL 07 13 http://www.solarwisenrg.com

Table of Contents Feed for the Digital Edition of AFCU Money Matters - Fall 2007

Money Matters - Fall 2007 Contents e-Statements e-Waste Live a Greener Life! Motley Fool: Hybrid Cars Looking More Attractive Jean Chatzky: Reduce, Reuse and Simplify Saving Energy, Saving Money It’s Easy Being Green Five Common Money Mistakes

AFCU Money Matters - Fall 2007

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