Is it worth to invest in a rainwater system?
The short answer to this question would be yes. A rainwater harvesting system can be an amazing return on investment. In certain areas of the world, storing rainwater for household use is the only available cost-effective solution. If you check locations like northern Mexico and Central Texas, there is no municipal water system, so harvesting the rainwater is an economical and environmental choice.
Further, the inflation in the cost of utility water has made Rainwater harvesting systems a good investment for homeowners in regions where the water rate is quite high.
How does rainwater harvesting be beneficial in the short term?
Increasing rates of water have made rainwater harvesting systems viable economically, especially for people living in regions where the water rate is high and expected to grow further. The water rate is expected to increase at a rate faster than the inflation rate. Therefore, having rainwater harvesting systems in such areas would be economically fruitful. The increase in water needs is being driven by demand and population growth. This, in turn, is causing a reduction in the freshwater supplies and increased costs for processing of the water to make it drinkable. Thus, rainwater harvesting is a viable option for such people.
When does the rainwater system make good financial sense?
To answer this, you should look at the payback period. First, check the water prices in your area, compare it with the tank you plan to install and the amount of rainwater your area gets. Now calculate your savings and then determine if the length of time is acceptable in comparison with all the other investments which you would have done otherwise. Use this method as a comparison tool to weigh the rainwater harvesting expenditure against your other expenditures.
This financial analysis would show you if buying a rainwater harvesting system is a good option or not. Spending money on a device that would eventually save you money, in the long run, is a better option. Your savings will also increase as the cost of water rises in the area. Therefore, calculating the payback period is a very simple way to evaluate whether your investment is worth it or not.
Let’s understand this with an example. Suppose you’re living in an area where a 4000-gallon system may cost you $15,000. Let’s say your household has a current water bill of $2400 a year. Over ten years, you will pay $24,000 to the water company with no rate increase. If you install a rainwater harvesting system and 50% of the household water gets replaced by rainwater, then the 4000-gallon rainwater system would pay for itself within 12.5 years.
Rainwater harvesting system will not only be good for society, but it will also benefit the environment. Therefore installing a rainwater harvesting system is simply a good investment. If you are thinking of getting a rainwater harvesting system installed in your building or community, don’t forget to check out LitCore. They have amazing rainwater harvesting systems, which are affordable as well.