Trump’s Tariffs Won’t Break Bank for Homeowners Installing Solar

solar tariffs

The 30 percent duties on imported panels are only apt to increase the total cost of a typical residential rooftop system by about 3 percent, Bloomberg New Energy Finance analyst Hugh Bromley said. That’s because panels account for only about a quarter of the price of rooftop system. Other major costs include labor and marketing.

Nonetheless, the president’s announcement has sent some homeowners hunting for panels before duties kick in.

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“It got kind of hysterical around here,” T.R. Ludwig, chief executive officer of Brooklyn Solarworks, said in an interview “A lot of people want to get in on the non-Trump-tariff panels.”

The Brooklyn-based installer in December locked in $250,000 worth of panels from South Korea’s LG Electronics Inc., which they’ll store in a warehouse until needed. Even with tariffs, panels can still help homeowners save money on energy, Ludwig said. It will just take a little long to recover cover the cost of the systems, he said.

“It means a payback that was four to six years now takes five to eight years,” Ludwig said. “On an asset that’s guaranteed for 25 years.”

 

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