Does More Solar Mean Cheaper Solar?
According to the most recent estimates, up to 30% of the world’s electricity could be generated by solar panels by the year 2030. It’s quite an amazing statistic, especially considering that solar was relatively rare just a generation ago. Lower costs and higher efficiency have made solar popular for families, businesses, and grid-scale developers. Cheaper solar makes it more accessible than ever. In the news this week, some analysts are predicting that solar will become even cheaper thanks to larger scale and increased production. What will this mean for the industry moving forward?
How Economies of Scale Will Benefit Solar
The price of solar panels has decreased over the years. When looking at basic crystalline panels, the price is almost 400x lower in 2022 than in 1977 when significant data was first collected. As a homeowner, this means your installation will be affordable, with an excellent return on investment.
Solar panels at the commercial level should continue to decrease when looking at large-scale installations. Programs like solar farms that power the grid will see significant cost reductions, which is likely to drive more utility companies toward solar generation. While this won’t affect home solar significantly (due to systems being much smaller), it’s still a net positive for the industry. Cheaper solar that continues to get cheaper over time will help America to achieve its clean energy goals.
How Affordable is Home Solar?
SMART solar financing can be used for your residential solar installation. You can get started with no money down, and the cost of financing can be partially covered by federal and New York solar tax credits and incentives.
Home solar is already affordable relative to the savings that you can generate. The average cost of an installation in 2023 is around $16,000. The federal solar tax credit can cover up to 30% of this cost, depending on how much you owe on your tax bill at the end of the installation year.
When you consider that solar can generate tens of thousands in savings over the lifetime of a system, the investment is very much worth it. Once your SMART solar financing is paid off, all of the savings go right back to you.
Learn About the Return on Investment in Your Free Solar Estimate
You can see how much you’d save with cheaper solar in New York. Your free home solar estimate will come with a detailed cost/benefit evaluation. This will look at the total cost of the system in comparison to the savings that can be generated over time. Solar panels are durable. Most systems can last up to 30 years. That ensures that there’s plenty of time to generate savings from your investment.
New York Power Solutions offers detailed consultations with real data and information about the benefits. This allows you to make the right choice for your home and your future.
We provide the information. You Make the choice.
Start Your Solar Journey with New York Power Solutions
Our team has already connected more than 5,000 customers throughout New York. We’re the most experienced solar company for your home installation. Talk to us today and start with your free home solar estimate. We’ll cover your options for SMART solar financing and help you determine which incentives and tax credits apply in your case. Cheaper solar means that you can start saving with a reliable and eco-friendly solution. New York Power Solutions is ready to get started.