The Long Island Power Authority (LIPA) has modified its financial incentive program in response to the declining cost of solar panel installations. Beginning July 31, LIPA lowered its rebate from $1.19 to $0.99 per AC watt for the installation of a residential customer-owned or leased solar system.
While LIPA says its solar programs continue to flourish, the declining cost of installation, the continued growth of solar contractors on Long Island, the ever-increasing demand for solar systems and continued federal, state and local tax incentives have prompted the non-profit utility to adjust its rebate structure to work within its budget while continuing to provide support for the solar sector.
A LIPA spokesperson commented that the rebate program has attracted high numbers of customers interested in solar energy. LIPA says the restructured rebate will remain in effect until market conditions dictate the need for it to modify the rebate again.