Solar Power Costs
The total cost of a fully installed PV system depends on a number of factors. System size plays the largest role in determining solar power costs, but equipment brand and ease of installation will also impact the bottom line. In general, a typical system of 9.0 kW (which can offset around $190 per month of your electric bill) will cost between $2.75 – $3.25 per watt. However, once you factor in the rebates and tax credits, the cost drops down to approximately $1.50 – $2.00 per watt. Although this is a significant investment, don’t let the “sticker shock” scare you away. Compared to paying electric bills for the next 30+ years, it is one of the best investments you can make (please visit our Solar Payback and Financials page for details). Please note, we also offer 100% financing so you can get a system with no money out of pocket!
Average Solar Power Costs
Typical System of 9,000 Watts
| Total System Cost (parts and installation) | $27,110 |
| PSEG Rebate (phased out of the Long Island area) | – $0 |
| Customer’s Gross Cost: | $27,110 |
| State Tax Credit (25% system costs, $5,000 max.) | – $5,000 |
| Federal Tax Credit (30% system costs, no maximum) | – $8,133 |
| Net Cost after rebate & tax credits: | $13,977 |
Average Production and Financial Benefits
Typical System of 9,000 Watts
| Annual Production | 10,300 kWh |
| Annual Savings | $2,200 |
| Payback Period (Break-Even Point)* | 6.2 years |
| Annual Rate of Return* | 22.1% |
| Direct Savings over Life of System* | $105,854 |
| Home Value Increase | $22,000 |
* See the Solar-Payback-and-Financials page for details
