Residential Solar 101
“Should I go solar now, or should I wait?” As with most people who work in residential solar energy, that’s a question I hear quite often these days. My answer is that you can’t go wrong either way. Yes, panel prices are dropping and yes installation costs are going down. However, in many states the rebates are running out at about the same rate that the costs are going down. So from a purely cost perspective, are you better going solar now or waiting a few years? Hard to tell. It’s not like a $25,000 solar power system will end up costing $6,000 in two years. Will the price come down at all? Definitely. Will it come down so much that it’s worth waiting a couple of years? I doubt it. Similarly, will the cost of energy increase by more than the historical average of about 6% of year? Not sure. But with the recent BP oil spill and the recent coal mining accidents, maybe the necessary added safety measures will drive up energy prices. I would bet that energy prices will continue with their historical trend.
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In the State of NY,, NYSERDA (New York State Energy Research and Development Authority) is currently not accepting applications (as of 6/30/2010) and they do have a backlog. The rebates in NY are getting lower and lower. I am sure NYSERDA will get funding for the 2010-2016 although it will not be much, probably less than $1.75 per watt up to 5kw. You can still get the 30% US tax credit and the 25% NY tax credit though. You could feasibly get the ROI in about 5-7 years in NY. Then you will have free electricity (depending on the size of your array) for the next 20+ years.
Peace and Prosperity,,
Rich @ NY Homesteader