Solar Power Costs

calculator showing solar power costsThe 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

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