The Average Cost for a Solar Panel System Has Dropped Almost 90%
Looking at the cost of solar panels over time will reveal a consistent downtrend. Solar power on Long Island is affordable today for several reasons. From government incentives to cheaper wholesale prices, all the factors combine to make now the best time in history to make the switch. What are the driving factors behind the lower cost for a solar panel system on Long Island? Let’s review the latest news about solar prices and see how this relates to your installation.
Significant Decreases in The Cost for a Solar Panel System
Mercator Research Institute on Global Commons and Climate Change (MCC) is German think tank that analyzes the connections between science and government policies. It has a particular interest in climate and the economy.
MCC released a new study over the weekend, revealing that the cost of electricity from solar has decreased by 87% over the last ten years. The study also revealed that the cost for battery storage has decreased by 85%. Solar saw the biggest decrease in prices, even when compared to other fossil-free technologies like wind power.
These figures are based on global averages so the actual change can depend on region and the specific type of system. On Long Island, if you had looked at the cost of solar ten years ago, you would notice a significant drop when compared to the cost today.
The cost for a solar panel system on Long Island is favorable to the average homeowner, which is why we now see so many new systems popping up throughout Suffolk County and Nassau County.
Government-Backed Tax Credits and Incentives for Long Island Solar Installation
The cost of solar on a component level has decreased massively. There are also significant incentives that can make it more affordable to get a Long Island solar installation.
- NYSERDA, the state energy regulator, will pay a direct incentive to your installer based on the size of your solar system. This will come off the top of your bill.
- There are state and federal tax credits that you can claim. The federal tax credit is significant. It’s a credit worth 30% of the cost of your installation.
- Some smaller incentives may be available to make your solar installation more affordable.
Understanding all the different incentives and tax credits can be overwhelming. Long Island Power Solutions is one of the most experienced solar installers on Long Island. We’ve helped more than 5,000 families and businesses connect to clean energy. We are familiar with the incentives and credits, and we even use some of these to create our no-money-down solar financing program.
If you want to learn about the incentives and credits that apply to you, the best thing to do is contact us for your free energy savings assessment and estimate today.
Get Your Cost/Benefit Breakdown for Solar Power on Long Island
An investment in solar should come with plenty of information so that you can make the right decision. We provide detailed cost/benefit breakdowns so that you can see your investment within the context of potential solar production and savings over time. It starts with your free estimate for solar power on Long Island.
The cost for a solar panel system is decreasing globally, and the available savings are better than they’ve ever been. Talk to Long Island Power Solutions for an expert consultation and all the information that you need before you install solar and enjoy a home with clean and affordable electricity.