What is the Payback Period for Long Island Solar Panels?
With so many families considering Long Island Solar Panels and elsewhere in the States, there has been an influx of solar panel stories in the Media. Just this past weekend, sites as diverse as Fox News to Reuters and Yahoo! News to CNET ran front-page stories covering solar topics.
Yahoo broke a story covering utility-scale solar space farms where a new material discovery could pave the way for wireless electricity being generated outside the atmosphere and beamed back to Earth. Some publications focused on new developments in solar panel recycling, while others looked at unique technologies like solar panel cleaning robots that could make rooftop solar cleaning even easier than it is today.
There were also stories covering the “payback period” and what it means for consumers. You might have heard about the solar payback period but aren’t sure how this might factor into your decision-making. Let’s look at what it is and how it could influence your choice to get Long Island solar panels.
What is the Payback Period for Solar Power on Long Island?
Most installations of solar power on Long Island have a payback period of less than ten years. This is the period that it takes to generate savings equal to the cost of the solar installation. Essentially, it’s how long your system will take to pay for itself.
There’s no set-in-stone period because each solar system is unique and each home has different consumption needs. However, there is a formula that can be used to calculate the payback period for a Long Island solar installation.
The formula is {Total Installation Cost – Rebates) ÷ Yearly Bill Savings.
While it might look like a simple formula, you’re actually going to need some help to figure this one out. Unfortunately, not every solar company will give you a projection of your bill savings. But at Long Island Power Solutions, it’s a core aspect of our initial energy savings evaluation.
Solar is our passion and we take pride in offering systems that are reliable and capable of generating excellent savings. If solar doesn’t make sense for a home, then we won’t recommend it. We aren’t pushy like some companies. All we want is to be able to install cost-efficient solar that generates a return on investment over the years.
That’s why before we install Long Island solar panels, we make sure that our customers know exactly what they can expect. We start with a free online estimate, based on up-to-date satellite data. From there, we schedule a site inspection. A technician will come to your home, inspect your roof, and evaluate your property. We combine physical inspection, our expertise, drone technology, and software modeling to then predict the output of your potential solar system. By understanding how much home your solar could produce in a given year, we can then look at your consumption history and give you an estimate for yearly bill savings. We’ll tell you, with surprising accuracy, what the solar payback period would be. We also predict the savings beyond that, so you can evaluate solar power as an investment.
This is all part of joining the SMART Solar Program, and it’s what sets us apart from other solar companies on Long Island. We’ve helped more than 5,000 businesses and families get connected to solar, making us one of the most experienced installers in New York.
Ready to Make the Switch with a Long Island Solar Installation?
If you think you’re ready to make the switch, there’s only one thing left to do. Talk to Long Island Power Solutions for your free Long Island solar estimate and find out if it’s worth it. A cost/benefit analysis will be one of the most important aspects of getting Long Island solar panels for your home. We’re ready to get started on your project today. Learn about the payback period in your case and choose the most trusted installers on Long Island.
