Do Solar Module Prices Affect the Cost of Solar Power on Long Island?

You might have seen some headlines in recent days covering the cost of solar panel modules worldwide. Some publications have gone as far as saying that prices are “dropping like a stone”. The developments in the market have been significant.

Since the start of the year, solar module prices have decreased by over 25%. In August, prices decreased by around 6% year over year. This is important news for the industry, and it also affects families considering Long Island solar installation.

Here’s what you need to know about what’s happening in the industry, and how it affects you.

Factors Contributing to the Price of Solar Power on Long Island

Recent headlines have talked about solar panel module costs. These prices relate to the wholesale market, and can directly affect the final price of solar panels. It’s a fact that solar panels are near record-low prices. It’s also a fact that more than just panels are used for Long Island solar installation.

If you get a system installed on your rooftop, these components will be key:

• Solar panels made up of modules, frames, and electronic components.
• Microinverters used to convert the electricity before it enters the home.
• A racking system to mount equipment to your rooftop.
• Electronic wiring to connect your panels to your home.
• A battery backup system (optional) with a charge controller to regulate voltage.

There’s also the labor to consider. Solar panel consultants, engineers, and installers need to be highly skilled. Long Island Power Solutions employs the best solar professionals in New York.

With all of these factors, the price of solar panel installation can vary, but the low cost of solar modules is still a significant price driver. Today, relative to the savings that you can enjoy, solar power is more affordable than ever. News of low wholesale module prices is good for homeowners because it helps to ensure that installations will remain affordable for the foreseeable future.

Take Advantage of the Market Conditions – Get Your Free Solar Estimate

News this week about record-low solar module prices was positive for the industry and for homeowners like you. Installing solar is affordable, and you’ll generate a return on investment by spending less money on electricity from the grid. You can even predict the savings over time by getting a cost/benefit evaluation, along with a free home solar estimate.

The cost of solar today makes it the perfect time to start planning your clean energy transition. Long Island Power Solutions is here to make the whole process stress-free.