Surging Imports Brings More Solar Panels for Sale
America’s demand for solar continues to grow, with families, utility companies, and other businesses all discovering the value in clean energy. At home with solar power on Long Island, a system can save you money while delivering true energy independence. If you’re considering getting an estimate for solar panels for sale, you’ll find that the market is in a great place to provide value along with some significant incentives and tax credits.
And the solar market is in a position to stay strong and consumer-friendly for years to come, at least if we look at the most recent data.
Supply Has Improved in the First Quarter
Last year, the solar industry took a hit with heavy tariffs applied to imported panels. This was resolved when the White House implemented a tariff moratorium, giving America some time to catch up with its domestic industry. The pause on tariffs was successful. In Q1 of 2023, more than 50,000 20-foot containers of photovoltaic modules arrived in the United States. This was an increase of 87% from the same period in 2022.
Congress recently attempted to reinstate tariffs, but the move was vetoed by President Biden. His administration has argued that the moratorium is necessary to ensure affordable solar panels while giving America a chance to develop factories and infrastructure. This is already underway. Several of the world’s largest solar manufacturers have already started the development of factories in America or are in the process of doing so. 80% of the solar modules in America are imported today. In the future, this figure will become much more balanced with more American-made products becoming available.
What does this all mean for you as a homeowner? It ensures that the supply chain will be secured so that you can have access to affordable solar panels for sale. There will be options whether you decide to go ahead with planning an installation in 2023, or sometime in the near future.
The Federal Government Helps You to Get a Long Island Solar Installation
In addition to its move to pause tariffs on imported solar products, the Federal government will also help you to get your Long Island solar installation by providing a tax credit. You can get a 30% Federal income tax credit based on the cost of your solar installation. This was made possible with the Inflation Reduction Act passed last year. There’s also a State tax credit available, worth up to $5,000.
NYSERDA, the energy authority in New York, will also provide a direct incentive based on the size of your system. This is paid to an approved contractor and comes off the top of your bill. You can get access to this incentive when you choose Long Island Power Solutions as your installer.
Financing for Solar Power on Long Island
Tax credits can be applied directly to your financing for solar power on Long Island. An initial interest-free period with no money down will be based on expected credits. The rest of your bill will be applied to a second loan with a customizable term so that repayments are affordable.
Most families generate huge savings with solar panels. This is especially true in New York where electricity prices have been climbing and are already some of the highest in the nation. The average solar system will pay for itself through the savings it generates, in less than ten years.
Make a Long-Term Investment in Solar Panels for Sale
News of a strong solar supply chain is great news for homeowners that are looking to save money and gain energy independence. You can learn if solar is right for your home by getting a free estimate and energy savings evaluation. Your estimate will be followed with a cost/benefit analysis so you can see if it’s worth making the switch.
Learn more about solar panels for sale with your solar estimate from Long Island Power Solutions.