There are many reasons both financial and environmental, to own a Sunbank. As long as the sun shines, the Sunbank offers a guaranteed rate of return that beats all of the other investments listed below.
To elaborate, we will compare the Sunbank to its potential competition:
Sunbank vs. Conventional Electric or Gas Water Heaters
Sunbank vs. Tankless Water Heaters
Sunbank vs. Split Solar Water Heating Systems
Sunbank vs. Solar Photovoltaic (PV) Systems
Sunbank vs. The Stock Market
The difference here is fairly obvious: the Sunbank uses free solar energy whereas a conventional electric or gas heater uses costly fossil fuels. What’s less obvious is that with the rising prices of energy, your hot water is going to become more and more expensive. Heating water makes up 20-30% of your home’s energy costs as energy prices continue to rise. The Sunbank acts as a hedge against future price increases by locking your energy in at free. The Sunbank works very well in conjunction with a conventional water heater that is already installed in all U.S. homes. With a pre-heating arrangement, the Sunbank can cut your cost by 75% annually and can keep your energy costs in check.
If you already have a tankless water heater installed, it is a great accessory to the Sunbank. Together, they are a very efficient team. If you are deciding between the two, you should know that the Sunbank saves an average of 75% of energy costs over the course of a year, while tankless heaters have only been show to save 22% over conventional heaters. Also, the installation of a tankless heater requires a direct gas line or a 220v connection, both of which make the installation more expensive. So the bottom line is that they work great together, but if you don’t already have tankless you will end up paying more up front and much more over the lifetime in energy costs.
The most glaring difference between a Sunbank and a Split Solar Water Heating System is the price. A Split system will cost 400%-600% as much as a Sunbank. Split Solar Water Heating System collects the sun’s energy from the roof, then pumps a glycol solution to a tank where a heat exchanger heats the water. You can probably already see the issues: system losses as the heat transfer fluid is continuously pumped throughout the heating loop, electricity consumption of the pump, and maintenance and replacement costs of the moving parts, pumps, and glycol. Also, the system is much more complicated to install and maintain when compared to a Sunbank. Where the Sunbank is easy to install, a split system should be installed by a solar professional over several days and usually at significant cost.
This is not a direct comparison because the Sunbank and solar panels do different things. Solar panels produce electricity and the Sunbank offsets the use of electricity by heating water. The outcome is the same–reduced electricity bills and offsetting the use of fossil fuels, they just have a different strategy for achieving this goal. If someone is interested in “going solar,” they should consider both options.
The Sunbank absorbs between 92%-96% of the solar radiation that hits it, whereas solar panels utilize a maximum of 15% of solar radiation. The Sunbank is 6x more efficient than solar panels, which means that you would need 6x as many panels to produce the same amount of energy that the Sunbank produces.
Not only is the collector 6x more efficient, but the equipment is 10x less expensive (based on a average sized household). The Sunbank is the most cost effective source of solar energy. What this means for you is that the Sunbank will pay for itself quickly and start making you money.
If you have $2000 to invest, where would you get a better return? With a Sunbank or on the S&P 500?
From January 1, 1990 through December 31, 2007 (note: before the last recession) the average rate of return of the S&P 500 was 8.61%.
If the Sunbank pays for itself in 5 years that is a rate of return of 20%. If it pays for itself in 2 years that is a rate of return of 50%. And money that you save with the Sunbank is tax free. For example, if you save $1000 in electricity cost you would need to make $1400 to pay for that after taxes. This effectively increases your rate of return.
What’s more is the Return on Investment over, say, 15 years. This number is much higher and is guaranteed as long as there is sun. To find out your ROI, check out the calculator.
The Sunbank was crafted with the utmost attention to detail. You will notice that all of the fittings are on the underside of the tank so that the plumbing run into the structure is minimized. The plumbing fittings are standard female 3/4″ for easy compatibility with your project. The stainless steel inner tank is argon arc welded and pressure tested to eliminate the possibility of leaks and the powder coated galvanized bracket is designed for easy set up and adaptability to a flat or pitched roof.