Growing Demand for Solar Panel Installations
Residential demand is driving the solar industry forward, with solar panel installations expanding massively in the first quarter of 2023. According to the latest data from the Solar Energy Industries Association, installations were up by almost 50% in the first three months of this year. It was the best quarter ever for the industry, with 6.1 gigawatts deployed across the United States. That’s more than enough to power one million homes.
This news reflects the growing demand for solar power on Long Island, where homeowners are attracted to the savings and reliability that solar can offer.
If you’re thinking about getting a Long Island solar installation, now is one of the best times to move forward. Let’s look at some of the driving factors in the high demand for solar panel installation today.
A Long Island Solar Installation Will Save You Money
This is the undeniable benefit of solar and the primary reason that homeowners choose to make the switch. Solar will save you money. Period.
During the day when your solar panels are running, the consumption needs of your home will be covered and throughout most of the year, you’ll also generate excess electricity. This doesn’t go to waste. The excess production can be used to charge solar batteries, and it can also be sent back to the grid to spin your meter in reverse. This helps to cover your consumption from the grid in the evenings when your solar panels shut down overnight.
The savings are significant. Most families will generate savings equal to the cost of installation within the first ten years.
The Tax Benefits for Solar Power on Long Island Are Driving Demand
The cost of solar has dropped dramatically in the last decade, which helps to increase the overall savings. In addition to this, the government has several solar incentives available that make the entire process more affordable and appealing.
In New York, you can claim a personal tax credit of up to $5,000, which helps to offset the cost of your system. Then there’s also the federal solar tax credit which is worth up to 30% of the cost of your system. The federal credit isn’t just for solar panels. It can be applied to your entire bill, including a battery backup system.
There’s also a direct NYSERDA incentive that is paid to your solar contractor, which is then taken off the top of your bill.
The current incentives mean that you will save before you even put a cent towards the cost of solar power on Long Island.
Financing is Easily Accessible for Most Homeowners
Another factor driving demand is the fact that financing is so accessible. With Long Island Power Solutions, financing is available with no money down. The loan is split in two, with the first part equal to your expected tax credits. The initial period will be interest-free, and you can pay it off once you receive your credits.
The rest of your solar bill can be paid over a term that you choose. Go long and your repayments will be lower with slightly higher interest. Pay your system off sooner and your monthly repayments will be a little higher, but you’ll pay less interest overall.
We’ll help by designing a financing package that suits your unique needs. Once the financing is paid, all the savings from solar will be yours to spend, save, or invest.
Your Estimate is the First Step Towards Solar Panel Installation
You can get a free estimate for solar panel installation on Long Island. Our initial estimates come from available satellite data, then we’ll begin the consultation process and provide you with a cost/benefit evaluation, so you can decide if solar is right for you.
Long Island Power Solutions is the most experienced installer for home solar. Enjoy the savings and reliability of solar panels on your rooftop. We’re ready to get started with your estimate and free energy savings evaluation today.