AtisSun installed a 3 panel closed loop back Schuco (German) system in the Fall of 2009. We now have a 105 Gallon Hot Water Tank in addition to our existing 90 Gallon Gas Hot Water Tank. 

Here is the breakdown of costs:

Usage Data is much more difficult to compute (as we cook with Gas) - I have estimated the Hot Water savings at $200 per year.

However, we have made a lifestyle change with the hot water. We are using the dishwasher more and running it in the middle of the day. If you run the dishwasher at 2pm on a sunny day - the system has plently of time to generate additional hot water for the evening - like showers and baths. Setting the dishwasher on a delay is the best way to take advantage of the sun.

Even on the coldest days this past winter with temps in the 20's - as long as the sun is out - those panels got up to 140+ degrees. And when the sun was not out - our Gas Hot Water Heater kicked right in. One note - the snow coverage did stop the panels from heating up but once it melted it was working great.

In 2009 Maryland Grant was 25% of total costs.
In 2010 Maryland Grant was only 20% with a cap of $1500 for Solar Hot Water. 

Hot Update: as of June 1, 2011 the Solar Hot Water grant for Maryland will be a flat $500. However, residential solar hot water systems installed after June 1, 2011, will qualify for SREC payments. 

Eligibility requirements:

Must be a Maryland residential solar hot water system that is NOT used for pool heating or Jacuzzis.  Only home water heating.
System must be installed on or after June 1, 2011. (However, the program doesn’t start until January 1, 2012, so no cash generation until then.). 

The system must be certified OG-300 by the SRCC with collectors that are certified OG-100. 

How much can a typical residential system earn in SRECS per year with a solar hot water system? Obviously, that’s going to vary by the type of panel, insolation, the yearly weather, location, etc.

However, a typical system with two collectors may produce around 4 SRECs a year, which means around $1,000 in a typical home owner’s pocket. 

Conclusion: The ability to generate and sell SRECs is an interesting twist and may paint a better picture for a breakeven point. However, addition SRECs will compete with Solar SRECs in a market that already has an abundent supply and may drive down SRECs prices further. Too bad exsisting systems can not benefit from this incentive.

That is "Going Green and Saving Green".