The Cost for a Solar Panel System Has Never Been Better
Although solar power in New York has been available for decades, the cost for a solar panel system has only recently become affordable for the average homeowner. Lower wholesale costs have led to lower installation costs, making solar more viable for families with a better overall return on investment.
In the year 2000, the average wholesale solar module cost, per watt, was around $5.1 USD. Today, that average is closer to $0.2 USD. This decline means cheaper solar products, cheaper installations, and bigger savings. If you’re thinking about getting solar for your home, there has never been a better time in history to move forward.
What has contributed to the decline in cost, and will the trend last forever? Some recent news could help you to understand more before you get your free solar estimate.
Solar Module Prices Are Still Trending Down
The cost for a solar panel system is reasonable today, thanks to low module prices and some excellent tax credits and solar incentives.
The latest data for August shows that for the fifth month in a row, module prices have declined. Wholesale prices are down around 25% since the start of 2023. This is partially driven by high inventories, and increased competition is also playing a role. Trade tariffs and the development of new manufacturing facilities in America have pushed global prices downwards. This is a huge win for consumers and families like yours. The government promised us energy independence with its pro-solar policies. All the world’s most important solar manufacturing companies have now added, or plan to add manufacturing capability in the United States.
In addition to the industry trends bringing prices down, the latest developments will also ensure availability, with supply chains that are fully contained within the U.S.
Will This Make Your New York Solar Installation Less Expensive?
The cost for a solar panel system has trended down over the years, largely reflecting the cost of solar modules at wholesale. It’s important to note that other factors can affect the system price, such as labor, the types of panels used, the complexity of the New York solar installation, and whether there are additional features like solar battery backup.
The cost of installation doesn’t always directly reflect the wholesale price of modules and panels, but you can take confidence knowing that the cost today is near or at the best that it has ever been, allowing some room for fluctuation.
This is not just due to the price of panels and equipment. Solar tax credits and incentives have also helped to push the cost of solar down. You could get solar power in New York for your primary home while enjoying a state income tax credit, and a federal tax credit worth up to 30% of the total bill. Some incentives come directly off the top of the bill, such as the NYSERDA incentive available under the NY-SUN Program.
You can even have your credits calculated in advance and applied to an interest-free financing period. Financing will be split across two terms. The first will be based on predicted tax credits, you won’t pay any interest, and you won’t need to put any money down. You’ll only pay interest on the second stage of the financing, and this will be a rate that’s competitive with the wider market.
Put simply, now is a fantastic time to invest in home solar. The cost for a solar panel system is at a historic low, and there is government support available to make the transition even more affordable. Learn more and see how solar would work for your home by getting your free NY solar estimate today. The team at New York Power Solutions will guide you through your solar journey with detailed advice, a cost/benefit appraisal, and the best workmanship for an installation that you can rely on.
