Long Island Solar on Track to Become Even More Affordable
Long Island solar is already the most efficient and affordable way to power your home. By 2030, technology and production costs will decrease, and it is expected that the Levelized Cost of Electricity (LCOE) from solar will decrease yet again.
There has never been a more affordable time to invest in your future with solar power on Long Island!
BP Predicts a Bright Future for Solar Energy
British oil and gas company BP is a major investor in solar energy solutions, as it looks ahead to a future where we rely less on fossil fuels. In the company’s most recent Net Zero Energy Outlook report, it has been predicted that the Levelized Cost of Electricity could decrease by as much as 55% by the end of this decade.
The decrease in cost is predicted based on more efficient production methods, decreased production costs, and increased efficiency of solar modules. While some savings will be seen at the household level, most of these savings will exist in large grid-scale solar projects where components are purchased and deployed in bulk.
So, what does this mean for the consumer? Can you expect solar to become more affordable in the future?
Long Island Solar is Already Affordable
The cost of generating solar at home has decreased significantly in recent years, thanks to a variety of factors.
- Government incentives at the State and Federal levels have offset the cost of installing Long Island solar for the home.
- Components like solar panels and micro inverters have become more affordable.
- Long Island solar panels have become more efficient and more productive, so households generate greater savings over time.
- Homeowners save with Net Metering, generating credits with the utility company.
A decrease in the cost of solar components and technology is likely to be passed to consumers over time, but there are other factors to consider. When installing Long Island solar on a home rooftop, the scale of the project is much smaller than those considered in reports like the one from BP, so the actual difference in price isn’t as significant as the price for a utility-scale project.
There’s also the fact that some government incentives are set to expire and would need to be renewed by the legislature. The Federal Tax Credit for Solar is one of the most significant incentives available today. It provides a 26% tax credit on solar installations in 2022. This will decrease to 22% in 2023 and will expire in 2024 unless renewed by congress.
Should You Wait for Lower Prices Before Installing Solar power on Long Island?
At Long Island Power Solutions, we are committed to providing the most reliable and most affordable solar power solutions for residents. We have installed more than 5,000 systems across Long Island and New York.
We provide a detailed cost-benefit analysis and a free energy evaluation so that you can determine if solar is right for you. You’ll get your solar quote, learn how much you could generate, and how this would offset your electricity bill throughout the year. We never recommend solar power on Long Island if the savings don’t add up.
With today’s favorable Federal and State incentives, solar power is more affordable. Even if the cost of components decreases, the loss of incentive programs could offset the difference. Because of this, we recommend installing solar power on Long Island as soon as you are ready. If you are considering solar today, you can get a free ballpark estimate from our website. We use satellite data and if everything checks out, we can move ahead with a full consultation and site survey at your home.
If you wait for the predicted decrease in the Levelized cost of electricity for solar, you could miss out on the Federal tax incentive, State incentives, and special programs that provide funding directly to the contractor that is then taken off the top of your bill.
Long Story Short: Long Island solar is surprisingly affordable today and if you’re thinking about getting it, we’ll provide all the numbers to show you why it’s a great investment.
Join the SMART Solar Program
Solar power is becoming more affordable and that’s a good thing. News coverage and analyst predictions are positive and will help to convince more people to sign up for clean and reliable solar power on Long Island.
At Long Island Power Solutions, we have developed the SMART Solar Program to make the transition simple.
- We offer a free energy savings assessment so you can determine the value of your investment in solar.
- Every system is actively monitored and solar is incredibly reliable.
- You can monitor consumption from convenient smartphone apps.
- Every system is offered with a 25-Year Warranty.
- We use low penetration racking and flashing to protect your roof.
- We provide ongoing support including an initial welcome meeting and long-term post-installation care.
The cost of grid electricity in Long Island is ridiculous. Stop opening your wallet for the utility company, and invest in clean, affordable, and reliable solar. The team at Long Island Power Solutions is ready to start with your consultation.