Do You Actually Save Money Going Solar?
Switching to solar results in significant savings as you generate electricity on your rooftop and consume less from the grid. Solar panels can pay for themselves, generating a sizable return on investment over more than two decades of expected service life.
How You Save Money with Home Solar
A Long Island solar installation saves you money as you generate clean electricity on your rooftop, significantly reducing your utility bills.
- Solar panels on your rooftop generate electricity directly for your home, reducing the amount you buy from the grid.
- A carefully designed solar system can offset 100% of your monthly electricity usage during highly productive months.
- New York State’s Net Metering policy helps you save and is guaranteed by law. Excess energy is sent to the grid to spin your meter in reverse, offsetting days with low production.
- You can even save on the installation, with a 30% Federal Solar Tax Credit (until December 31, 2025) and a New York State Tax Credit worth 25% of the installation up to a maximum of $5,000.
Is the Federal Solar Tax Credit Ending?
The Federal Solar Tax Credit is a huge incentive that can cover up to 30% of your solar installation cost. Recent legislation has cut this credit, and homeowners are only eligible for installations completed before December 31, 2025.
Talk to us about residential solar today to avoid missing out on this opportunity.
How Long Does It Take for Solar to Be Worth It?
Your solar panels can pay for themselves. The payback period is typically between 6 and 12 years. Long Island families usually see a payback period of around 8 years.
- The payback period is the time it takes to generate savings equal to the cost of your solar installation.
Long Island has some of the highest electricity rates in America, and rates tend to creep upwards. Your savings will improve if the cost of electricity increases, because the electricity you generate with solar panels will be worth more.
Frequently Asked Questions
How Much Money Would You Save if You Had Solar Panels?
Homeowners can save tens of thousands of dollars over the lifetime of solar panels. Rooftop solar panels last an average of 25 to 30 years, allowing plenty of time to get through the payback period and then generate a return on your investment. Each home is unique, so it’s important to talk to a local solar installer for a detailed savings projection and cost/benefit analysis.
Can Solar Panels Completely Replace Electricity?
Solar panels don’t completely replace electricity from the grid. You will still take electricity from your utility provider on days with low sunlight hours and in the evenings. Solar dramatically reduces your reliance on the grid to generate savings. We call this Energy Independence.
Power Solutions is Your Trusted Long Island Solar Panel Installer
Our team, under the name Long Island Power Solutions, has served more than 5,000 families and businesses to deliver clean and reliable solar. We now trade as Power Solutions, reflecting our wider commitment to communities throughout the New York Metropolitan Area.
If you’re on Long Island, you can get the most efficient and dependable solar panel installation from our team. Start with your free home solar estimate and learn how much you could save with clean energy generated on your rooftop.
