Tom Sewel has gathered data on the relative costsof a
Chapter , Problem 9-48(choose chapter or problem)
Tom Sewel has gathered data on the relative costsof a solar water heater system and a conventionalelectric water heater. The data are based on statis-tics for a mid-American city and assume that duringcloudy days an electric heating element in the solarheating system will provide the necessary heat.The installed cost of a conventional electricwater tank and heater is $200. A family of four usesan average of 300 liters of hot water a day, whichtakes $230 of electricity per year. The glass-linedtank has a 20-year guarantee. This is probably areasonable estimate of its actual useful life.The installed cost of two solar panels, a smallelectric pump, and a storage tank with auxiliaryelectric heating element is $1400. It will cost $60a year for electricity to run the pump and heat wateron cloudy days. The solar system will require $180of maintenancework every 4 years.Neither the con-ventional electric water heater nor the solar waterheater will have any salvage value at the end of its useful life Using Toms data, what is the payback period ifthe solar water heater system is installed, rather thanthe conventional electric water heater?
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