Installation Costs and Energy Savings

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Installation Costs & Energy Savings

September 2008

Renewable Energy System	Upfront cost* (approximate)	Optimal monthly energy savings**	Optimal monthly cost savings***
Solar Hot Water†	$7,500	252 kWh	$40.32
1 kW Solar PV	$9,000	102 kWh	$16.32
2 kW Solar PV	$18,000	204 kWh	$32.64
1.9 kW Wind Turbine	$16,000	416 kWh	$66.56
10 kW Wind Turbine	$64,900	2,190 kWh	$350.40
Geothermal Heat Pump (2,000 ft2 home)	$25,000–$35,000	uses 30 – 70 percent less energy than a conventional system	30 – 70 percent less than typical heating bill
Changing one light bulb to an energy-efficient CFL	$3.50	6.57 kWh	$1.05

*Qualifying residential customers may be able to offset a portion of the cost of installing a renewable energy system through state and federal incentives. Click here for more information.

**Assumes a load factor or 63% for solar hot water; 14% for solar PV; 30% for wind; and 100% for CFLs. Assumes wind turbines are located in optimal sites with proper maintenance throughout their lifetime. Energy savings will vary widely depending on consumer’s behavior and energy usage patterns (e.g. how much hot water they use, etc.).

***Assumes customer is paying $0.16/kWh for electricity from their utility.

†Assumes electric water heater usage of 400 kWh/month)