Is Solar Energy Worth the Investment in New York?
Are you considering a solar energy system for your home or business in New York, but wondering how much it will cost and what incentives you will receive?
We will explain why going solar makes financial sense in New York and break down the incentives you are eligible to receive and financing options that make going solar easy and affordable.
Installing solar panels on your home or business is a great way to lower your expenses if you have a rooftop that receives direct sunlight. Qualified customer can have a system installed with zero upfront investment and lower their electric bill from day one.
New York; A Leader in Solar Energy
New York is a leader in solar energy with 638 MW of solar installed which is the equivalent of over 90,000 homes! The Empire State ranks #7 nationally in installed solar capacity and is growing quickly as more homeowners and business owners take advantage of solar incentives available for qualified installations.
With the introduction of Governer Cuomo’s Reforming the Energy Vision (REV) New York state is gaining ground to transform itself into a solar powerhouse.
Moreover, the NY Sun Initiative has set an objective of 3 gigawatts (GW) of solar ability to be installed in the state by 2023 – that is more than 4 times the 638 megawatts (MW) currently installed.
How is New York going to achieve this objective?
By empowering market development and ensuring that solar energy continues to be a smart financial choice throughout the state.
New York Solar Incentives
NY State offers multiple incentives to lower the cost of solar:
- The NY-Sun Megawatt Block Incentive Program offers an upfront incentive to lower the overall cost of the installation
- Homeowners can receive up to a $5,000 personal tax credit toward their solar installation
- New York City residents can receive a 4-year property tax abatement
- NY State has a property tax exemption so municipalities cannot increase the property taxes on properits for installing solar panels
Financing Options Make Solar Affordable
Going solar is a great way for New Yorkers to save money, and there are multiple ways to go solar with $0 out of pocket that allow you to save money right away.
- Purchase: Pay cash upfront and recoup your investment over 4-7 years. Purchasing your system has the greatest long term savings.
- Finance: Own your system with $0 down
- Lease: $0 upfront with complete peace of mind and greatest immediate savings
If your home or business is not fit for an installation you can also participate in a shared solar project where you can still benefit from solar installed at a remote location.
For any query or information, do write us in a below given comment box! We are happy to help…