Is it Time to Call a Solar Installer? Analysts Think So!
While the stock market isn’t the best indicator of the broader economy, it can help us to develop insights into what’s driving certain industries. This week, JP Morgan was bullish on solar power stocks, telling investors to buy solar assets because interest remains high in the residential market. It’s not a bad take, especially considering that solar power has seen more than 50% growth in 2023 when compared to the previous year. Are all the positive signs in the industry also signs that it’s time to call your local solar installer?
How Well Are Solar Stocks Performing?
Some solar stocks are easily outperforming the market in 2023. A few, including First Solar, are up by more than 30% when looking at prices over the last year. It’s important to remember that solar stocks are primarily speculative, and actual performance is abstract from the general economy.
Still, investors are confident in solar for a reason. The underlying factor here is demand. The demand for solar installers is growing nationwide. In Texas, solar has recently provided a lifeline during the heatwaves with electricity in high demand. Even in more temperate states, the need for solar is high because families understand that they can save money by putting solar panels on their rooftops.
Solar stock performance is a mixed bag today, but the strong growth stocks are performing well. You could take this as just one factor in your decision to get a New York solar installation. Even if we ignore the stores and the latest solar news, underlying reasons present a strong case for solar.
5 Reasons You Should Consider Solar Power in New York
To keep things simple, we have five fundamental reasons to call a solar installer in New York.
- Solar is more affordable today. This is thanks to improved supply and decreased panel prices.
- Financing is available. With New York Power Solutions, you can get no-money-down financing.
- Solar is more efficient. Panel technologies have improved, so there’s a greater return on investment.
- Solar gives you independence. Producing your own electricity gives you more freedom from your utility company and the ever-increasing rates.
- Solar power in New York is more reliable. If you add a battery backup system, you’ll have electricity even if there’s an outage on the grid.
These aren’t the only reasons to install solar, but they are some of the most compelling. Other benefits like improved home value and a reduced carbon footprint can also be considered.
In 2022, Congress passed the Inflation Reduction Act. This included funding for nationwide solar incentives. Installing your first solar system can give you access to a 30% federal tax credit based on your solar bill. In short, there has never been a better or more affordable time to invest in residential solar.
Your Solar Estimate Comes with a Cost/Benefit Analysis
Your New York solar installation could save you tens of thousands of dollars over the next 25 years. A cost/benefit breakdown will look at the cost of solar and the savings over time so that you can make an informed decision. It’s available at no extra cost when you work with New York Power Solutions.
We are the most experienced solar installers in New York. Our team has connected more than 5,000 customers to clean and reliable solar. It’s time to enjoy energy independence at home. Start by contacting us for your free NY solar estimate.
