With nearly the highest electricity prices nationwide and some of the best sun exposure in New York state, solar power has become an extremely popular option for homeowners in Long Island. As of October 2019, the average solar panel cost on Long Island is $3.20/W. Given a solar panel system size of 5 kilowatts (kW), an average solar installation on Long Island ranges in cost from $13,558 to $18,342, with the average gross price for solar on Long Island coming in at $16,000.
With additional rebates, your cost could be $11,200 after claiming the federal solar tax credit and $6,200 after claiming the NY state tax credit. After accounting for the 30% Federal Investment Tax Credit (ITC) and other state and local solar incentives, the net price you’ll pay for solar can fall by thousands of dollars.
Why Are Homeowners Choosing to go Solar in Long Island?
- Long Island has some of the highest power costs in the US
- There are strong state tax incentives for going solar
- You can sell excess solar power you produce to the grid
Long Island is already a leader in solar energy
Long Island is no slouch when it comes to solar – it ranks in the top 10 solar states in terms of total installed solar capacity. And even bigger things are in store for solar’s future in the Empire State: With the introduction of its progressive Reforming the Energy Vision (REV) proceedings, New York state is making strides to turn itself into a solar powerhouse.
Additionally, the NY Sun Initiative (which will eventually be brought under the REV policy umbrella) has set a goal of 3 gigawatts (GW) of solar capacity to be installed in the state by 2023 – that’s more than eight times the 338 megawatts (MW) currently installed. How is it going to reach this goal? By encouraging market growth making sure that solar systems continue to be a financially attractive option for homes and businesses across the state.
Long Island solar incentives
More and more Long Islanders are discovering that solar makes sense for them. Here are some of the reasons why:
- Solar helps Long Island residents save money on their electricity bills: Utility electricity rates in NY are among the highest in the nation, even as solar is becoming more affordable. This means that solar will help you reduce your power bills – whether you purchase your solar panel system (with cash or with a solar loan) or go solar with a solar lease or power purchase agreement (PPA).
- Solar panels are a great investment on Long Island : In fact, Long Island was recently ranked #1 on a list of the top places for investing in solar in the US. Purchasing your solar system would be a great way to put your money to work: In New York, the average solar power system will pay for itself in 7 years. But even if you know that a cash purchase is not a realistic option for you, you could consider a $0-down solar loan, which offers attractive returns with little or no up-front cost.
- Solar panels will increase the value of your property: If you purchase your system outright or finance it with a loan, your system will increase the value of your property by about 3%. More and more studies demonstrate that this is the case. A recent study by the Berkley National Laboratory confirms that the nation-wide trend also applies to Long Island homes.
- Federal and New York state subsidies make solar a sweet deal: On top of the federal government’s 30% Investment Tax Credit (ITC) for solar (which is set to expire at the end of 2023), New York also has a robust incentive framework of its own, including the Megawatt Block Incentive, a solar net-metering policy that ensures that your utility company pays you a fair rate for your extra solar power, and a state tax credit of up to $5,000.
- Solar helps you cut your greenhouse gas emissions on Long Island: By going solar you will also reduce your carbon emissions. Utility electricity on Long Island comes primarily from burning natural gas. Natural gas, while ‘cleaner’ than coal, is still a significant source of greenhouse gas emissions.
The 3 best ways to go solar on Long Island
Going solar is a great way forLong Island residents to save money, as noted above.
There are three main ways that you can go solar on Long Island. All of these options are available on Long Island through various solar installation and financing companies. They are:
- Purchase your PV system with cash
- Purchase your solar array by financing it with a solar loan
- Sign up for a third party-owned solar lease or power purchase agreement (PPA) arrangement
Interested in going solar on Long Island? We can help you compare options. Get a free Solar quote today!