Is the Solar Market Slowing Down?

The pace of solar capacity growth in America is slowing, but the overall market is still expanding. Combined installations of solar, wind, and battery energy storage systems will increase by around 7% this year, according to data from Reuters and the U.S. Energy Information Administration. Solar capacity will expand by around 10% over the next year, compared to an average of 27% in the previous four years.

Solar’s slowdown is partially affected by a reduction in tax benefits, particularly the pending elimination of the Federal Solar Tax Credit at the end of 2025. However, the slowdown might not be entirely caused by a loss of Federal support. Some analysts have determined that solar is reaching a saturation point for current prices and efficiency.

What does all this mean if you’re considering a solar panel installation on Long Island?

Key Takeaways for Residential Solar on Long Island

If you are thinking about installing solar on Long Island, then now is still one of the best times to do it. Even with the loss of the Federal tax credit later this year, there are State incentives paid directly to your contractor (reducing your bill) and a State credit equal to 25% of your installation, up to $5,000.

You might still qualify for the Federal credit worth 30% of your solar installation bill. However, the clock is ticking, and it takes time to plan, approve, install, and certify a solar system. Begin your solar consultation today if you want the best chance of making the December 31^st cutoff for the Federal Solar Tax Credit.

In terms of market conditions, a slowdown in solar growth isn’t necessarily a bad thing for homeowners. It could even mean that waiting times are shorter in the coming months. Time will tell if the solar slowdown will continue, or if it’s simply a reaction to the Federal Government’s move away from renewable energy.

How to Learn if Solar is Right for Your Home

Home solar on Long Island saves you money by generating electricity and reducing how much energy you take from the grid. With Net Metering, you earn credits, and any excess solar energy you send to the grid is used to help cover your bill.

The steps to learn more about solar are simple:

1. Start with a free solar estimate from Power Solutions, Long Island’s most trusted solar installer.
2. If you’re happy with the initial figures, we will conduct an on-site survey to determine the solar potential of your home. We will provide a cost/benefit analysis based on an optimized solar solution and your historical energy consumption patterns.
3. Our team takes care of all the paperwork and permits. We also offer financing through trusted partners, with no money down and an initial interest-free period.

You don’t have to commit to solar until you are happy with the numbers. We provide the information. You make the choice. It costs nothing to learn if solar is right for your home.

Request your free Long Island solar estimate today and join the growing number of families who use clean energy to generate savings and gain energy independence.