Bo Horvat had two reasons to celebrate on Sunday. It was his first time on Long Island for his first practice with the Islanders, and he signed an eight-year extension to stay with his new team and lock down his future. NewsdayTV's Andrew Gross reports.  Credit: Corey Sipkin

It was just Bo Horvat’s first day on Long Island for his first practice as an Islander. It turned out — in a pivotal moment for both the former Canucks captain and the organization — that it will be the first of a great many.

The Islanders announced during Sunday’s practice at Northwell Health Ice Center in East Meadow — their first after an eight-day All-Star break/bye week — that Horvat had agreed to an eight-year extension. The deal is worth a reported $68 million.

“All I can tell you is it’s too long and it’s too much money,” said president/general manager Lou Lamoriello, who has never disclosed salary figures. “You want the truth?”

But this is the price of business in the NHL, and Lamoriello made clear his intention to sign Horvat to a long-term deal after acquiring him last Monday for Anthony Beauvillier, Aatu Raty and a top-12 protected first-round pick.

Horvat, who flew from Fort Lauderdale, Florida, on Sunday after participating for the Pacific Division during All-Star Weekend, will make his Islanders debut on Monday night in Philadelphia.

“My wife and I talked about this place a lot,” said Horvat, who could have been an unrestricted free agent after completing his current six-year, $33 million contract. “This place was probably in my top five from the beginning just from what I heard about the team, the organization. I don’t know the area too well. But I can’t wait to get to know it for eight years.

“Honestly, it’s a relief,” added Horvat, who had said he thought he would be a “Canuck for life.”

“It’s been a mental grind of a year. To finally lock it in and be set up somewhere, the unknowing was the thing that was hindering me and my family the most.”

It took just six days of hard negotiating work for Lamoriello to make good on his stated goal.

“Whenever you make a transaction like that, the intent is certainly to sign him long term or you wouldn’t do that,” Lamoriello said. “Over the last several days, we certainly have been communicating with his representative [agent Pat Morris]. We were able to get it done first thing this morning.”

Signing Horvat was a necessity for the goal-starved team. The Islanders now have $74.8 million committed to 17 players for next season, when Mathew Barzal’s eight-year, $73.2 million extension will kick in. The salary cap is expected to rise just $1 million to $83.5 million. Franchise goalie Ilya Sorokin will be an unrestricted free agent after next season and his new average annual value could surpass Horvat’s $8.5 million.

“We’ll just worry about today right now,” Lamoriello said. “I’m sure we’ll find a way.”

The Islanders (25-22-5) won their last two games before their extended vacation but are in 10th place in the Eastern Conference, two points out of a playoff spot, after going 4-8-3 in January.

The NHL trade deadline isn’t until March 3, but the Islanders scored only 29 goals last month, including two or fewer in seven straight games and 12 of their last 13. Their power play is 0-for-25 in their last 10 games and 3-for-64 since Dec. 10.

Horvat, 27, had 31 goals and 23 assists in 49 games for the Canucks, who selected him ninth overall in 2013. Coach Lane Lambert immediately inserted him on Barzal’s top line — both took turns in the middle, but Barzal will be the one more likely to slide to right wing — and also on the first power-play unit in between the circles in the bumper position.

“It’s a huge moment for our organization,” Barzal said. “I feel like the Islanders haven’t had a spark like this in a while. I think Bo knows that, being here just even a day. We’re trying to build something special here and he’s going to be a key piece.”

Notes & quotes: Defenseman Noah Dobson (lower body), who has missed four games, and Hudson Fasching (injured reserve/lower body), who has missed six, participated fully in practice and traveled to Philadelphia. Dobson worked with the first power-play unit — a good sign he’ll play against the Flyers — and Fasching skated on the fourth line . . . Defenseman Alexander Romanov wore a full face shield.

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