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 8.8kW (which can offset around $190 per month of your electric bill) will cost between $2.25 – $3.25 per watt. However, once you factor in the rebates and tax credits, the cost drops down to approximately $1.00 – $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 8,820 Watts
| Total System Cost (parts and installation) | $22,834 |
| PSEG Rebate (phased out of the Long Island area) | – $0 |
| Customer’s Gross Cost: | $22,834 |
| State Tax Credit (25% system costs, $5,000 max.) | – $5,000 |
| Federal Tax Credit (30% system costs, no maximum) | – $6,850 |
| Net Cost after rebate & tax credits: | $10,983 |
Average Production and Financial Benefits
Typical System of 8,820 Watts
| Annual Production | 11,400 kWh |
| Annual Savings | $2,280 |
| Payback Period (Break-Even Point)* | 4.7 years |
| Annual Rate of Return* | 27.7% |
| Direct Savings over Life of System* | $116,000 |
| Home Value Increase | $22,800 |
* See the Solar-Payback-and-Financials page for details
