Solar Energy Investing

Physorg.com reports that one of the largest and most effective solar energy systems in the country is in a suburb of Chicago, Illinois - at a laundromat. The dozens of solar panels are used to supply a laundromat with hot water and electricity around the clock.

The owner of the laundromat converted to solar energy in 2001 because his heating bills were approaching one fourth of all monthly revenue. The state of Illinois offered a grant that covered 50% of the cost of the solar panels and he was able to get them installed within a few months.

The total cost for the laundromat’s solar system is approximately $150,000 but saves the owner about $25,000 per year. And while it should remain operational for at least two decades, the system will pay for itself in about five years.