Get a Competitive Interest Rate for Solar Financing on Long Island

A Long Island solar installation can provide long-term savings that more than cover the cost of investment. If you’re like many homeowners, considering solar also means thinking about solar financing on Long Island. With financing, you can start saving right away, with manageable repayments.

Since 2022 there has been a gradual rise in the Federal Funds Interest Rate, the guiding rate that influences private lending. There’s no getting around the fact that interest rates have increased, but is this a problem if you’re looking for solar financing on Long Island?

What’s Happening with Interest Rates?

The U.S. Federal Reserve decided to hold interest rates at a benchmark between 5.25% and 5.5% last week. The Federal Open Market Committee held its regular meeting and decided not to increase rates based on strength in the economy and a gradually lowering rate of inflation. This was good news for borrowers, and it signals a potential shift in policy. With the economy strong and inflation coming under control, we might see some stability in rates across the board.

The Fed rate affects all areas of lending and borrowing, including solar financing on Long Island. If you choose to finance your system in 2023 or 2024, you’ll see interest rates slightly higher than they were a year ago. However, despite what some headlines might suggest, the difference is by a few percentage points, so the actual cost of financing hasn’t changed significantly. There are also inherent benefits to getting solar power on Long Island that can make interest rates less of an issue.

If you’re interested in Long Island Solar, please call us. We will walk you through the whole process of how to become energy independent!

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Making Long Island Solar Installations Accessible and Affordable

Long Island Power Solutions works with Sungage Financial, a leading solar financing company. Through our financing partner, we can offer some excellent financing packages that make it easy to switch to clean energy. You could get your Long Island solar installation with no money down and an interest-free period.

You don’t have to pay everything upfront for solar power on Long Island. If you have a good credit score and own your home, you can qualify for financing.
Financing is available with no money down, so there are no initial out-of-pocket costs.
An interest-free period is available, based on incoming tax credits. Solar tax credits are significant. One example is the Federal tax credit available to homeowners getting solar for the first time. It’s a dollar-for-dollar credit equal to 30% of the installation cost.
After the interest-free period, you’ll switch to standard financing with a market-competitive rate.
There are New York solar incentives available under the NY-SUN Program. You’ll get a discount funded by the state, taken off the top of your solar bill. This is based on the size of your system.

With a combination of affordable financing, solar tax credits, and solar tax incentives, solar is still accessible even with today’s Federal interest rates. Solar can generate a strong return on investment by reducing your utility bill over a 25-year period (the standard life expectancy of panels).

Ultimately, you’ll save money with solar, making it one of the best improvements for your home.

Get Your Free Estimate and Cost/Benefit Breakdown for Solar Power on Long Island

There’s no need to guess when getting solar power on Long Island. We provide detailed information so that you can make the best choice for your home and your finances. You can get a free solar estimate from Long Island Power Solutions. We also provide cost/benefit breakdown reports so that you can look at the full financial picture over the lifetime of solar.

Are you ready to start saving with renewable energy? Learn more about solar financing on Long Island by starting with your free home solar estimate today.