U.S. Solar is Set for Another Boom – How it Affects Long Island Power Systems
A Long Island power system that used solar have rapidly become one of the most popular home improvements and investments. Families have seen the potential savings, and government incentives and solar tax credits have also helped. The last few years have seen several booms in solar expansion. Now it looks like there’s going to be another one.
Solar Magazine PV Tech published a story this week looking at the potential year-over-year growth for solar in 2023. According to the current data, 77% of American homeowners either already have solar on their rooftops or are considering getting installed. This is a 90% increase in interest from 2022.
There are two key factors contributing to demand. One is the rising cost of electricity (which is already particularly bad on Long Island). The other is the incentives that were made possible with the Inflation Reduction Act of 2022. The new law secured funding to provide homeowners with a 30% Federal tax credit on the cost of solar installations.
Sustained Growth for Long Island Power Systems
There’s currently sustained growth in the demand for solar-based Long Island power systems, and the trend is consistent throughout the nation. The Solar Energy Industries Association (SEIA) found that residential solar was leading the current demand, even as large-scale projects decline due to difficulties in securing permits and funding.
It’s an interesting scenario. Large-scale solar is more efficient when considering the investment to output, but residential solar installations are easier to complete and there’s a robust framework for approval.
Residential demand is likely to be the single most important driver of the solar industry for the next year or two.
How Will the News Affect Solar Power on Long Island?
The news doesn’t really change a lot for solar power on Long Island, but it’s some interesting data for homeowners who are interested in the wider market. On the surface, the increased demand for Long Island power systems using solar tells us a few things…
- Homeowners, on a large scale, are now confident in the savings that solar can provide.
- Government incentives like the Federal tax credit have benefitted the industry.
- There’s likely to be high demand for installers of solar power on Long Island.
Turnaround times for Long Island solar installation are still reasonable. But it is worth considering that the sooner you get started on a project, the better the scenario will be. As demand increases, supply chains are likely to become strained which could lead to longer wait times to get installed.
You Can Make an Informed Decision on Your Long Island Solar Installation
If you’re thinking about getting a Long Island solar installation, you will probably want to know how the financials stack up. It’s common knowledge that solar can save folks money by reducing reliance on the grid. But, for such a major decision, you’ll want a little more than just a vague promise of savings.
At Long Island Power Solutions, we use real data to inform homeowners.
We can provide a free estimate for a solar-based Long Island power system. In addition, we will also give you a cost/benefit analysis based on several factors like the cost of the system, your energy usage patterns, and your average utility bill. You’ll have all of the information you need to determine if solar is worth the investment. Is it worth joining the U.S. solar boom? Get started with Long Island Power Solutions and find out with your free estimate.