Will the Cost of Solar Panel Systems Continue to Decrease?
The cost of solar power on Long Island and elsewhere has decreased significantly over the years. Even going back as recently as 2010, the cost of individual solar panels has decreased by around 83%. This has made solar more affordable for homeowners while improving the return on investment.
The market is in a great place today. A Long Island solar installation is more affordable than ever. Is there still room for prices to come down? One emerging technology could make sure of it.
New Solar Technology Decreases Cost
Macquarie University has developed a new technology that improves solar cell production. Using microwave radiation to create heat during the fabrication process, the technology results in less energy spent to make solar cells. Microwaves can also heat solar cells almost instantaneously, so the speed of production can be increased.
In addition, concentrated microwaves can be directed to specific areas, so are useful for solar panels with intricate internal structures or that use combinations of different materials.
In the long term, the adoption of this technology could result in solar panels that are easier and faster to produce. This could lead to decreases in the cost of solar. It has been demonstrated in the past that prices have decreased as technology has become more efficient. There’s still plenty of room for solar prices to come down without compromising the operating income of solar manufacturers or installers.
The Technology Also Improves Recycling
Almost by accident, the same microwave technology was found to be beneficial to the recycling industry as well. Solar panel e-waste will become a major concern in the coming years, especially with solar becoming more prevalent. The same energy-efficient microwave technology can be used to effectively delaminate old solar panels so that they can be efficiently recycled. This will reduce the energy needed to recycle solar panels, helping to reduce waste and hasten the return of key materials to the supply chain.
Is Now the Right Time to Get Solar Power on Long Island?
We’ve talked about the potential for the cost of solar to decrease with emerging manufacturing technologies. Does that mean you should wait? The short answer is no.
Solar is already accessible today and can come with a significant return on investment generated through savings. There are also excellent solar tax credits and incentives that help to bring the price down. In New York, there are State-sponsored incentives and tax credits. There’s also a Federal income tax credit worth up to 30% of the cost of your solar system. Credits can be applied to the entire system bill, which includes panels, micro inverters, solar batteries, and other necessary equipment/labor.
While it might seem logical to wait for further price decreases, the reality is that solar is already a great deal today. If you can get installed and start saving money, there’s no real reason to delay. You’d only be delaying the savings in that case.
Get an Estimate and Cost/Benefit Breakdown for Long Island Solar Installation
Learn about the cost of solar and more with your free estimate for Long Island Solar Installation. With Long Island Power Solutions you will get a detailed cost/benefit survey so that you can predict your savings and return on investment over time. Our team is one of the most experienced on Long Island, having connected more than 5,000 customers to efficient solar so far. We’re ready to help you begin your solar journey. You can enjoy the savings and independence that renewable energy can bring.