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Hawaii Unveils Financing Program for Solar Water Heaters

The cost of a solar water heater - about $7,000 - can be daunting for many homeowners. But a new program in Hawaii - dubbed Hot Water, Cool Rates - aims to alleviate households' cost concerns and make it easy to heat water with solar power.

The program, announced during the last week of October, subsidizes low-interest loans for Hawaii homeowners who are installing solar water heaters. The loans are provided through local financial institutions.

State officials estimate that the program can save the typical homeowner about $1,000. And over time, Hawaii Energy program manager Ray Starling says, the energy savings provided by a solar water heater can really add up.

"By installing a solar water heater, one home can save approximately $10 to $15 per person, per month," he said. "It has been proven that these systems pay for themselves several times over during their lifetimes."

A solar water heater can help slash a home's energy use significantly, reducing carbon emissions in the process. Going solar with a water-heating system is already a good idea - and with low-interest financing plans like those offered in Hawaii, it makes even more sense.