03-22-2018

Updated Rebate Program Means More Money for Businesses Going Solar

While the incentives for solar are already great in New York City, they are about to get even better. The New York State Energy Research and Development Authority (NYSERDA) has provided the NY-Sun rebate program reduce the cost of solar for homeowners and businesses in New York, and is streamlining the program for large commercial projects to make the payback even more attractive for businesses considering solar.

Highlights of new NY-SUN rebate program

The update to the incentive program aims to make the economics of solar even more attractive. Earlier, the program was divided into large and small categories. The update will simplify the rebate by having just one category moving forward. This means that under the revised program, commercial solar projects are eligible to receive up to an additional $30,000.

The rebate will also be paid out quicker. Previously the large commercial segment needed to wait three years to receive the rebate, while the small commercial rebate was paid in year one. With the update, the entire amount will be paid when the system is connected to the utility and operating. This improves the economics for businesses making the switch to solar.

The maximum size of a system that is eligible for the rebate is also being increased. The Standardized Interconnection Requirements (SIR) that allow utility customers to connect their system to the electric grid were recently updated to allow up to 5MW-AC solar systems (up from 2MW-AC). To keep in line with this change, the rebate program will increase its maximum system size to 7.5MW-DC which will allow solar developers to maximize DC to AC ratio up to 150%.

The changes also move to create more space for solar installations in the city. Solar carports and rooftop canopies get an additional 50% added to their incentive. Solar installs happening at affordable housing and on brownfields and landfills will also get a small bonus. The hope is that this will increase the viability of non-rooftop projects and create new market opportunities in areas that previously would not have been considered good solar candidates.

What NY-SUN rebate means for businesses

“We believe this update will move the needle and we will see the pace of commercial solar adoption in the city really start to pick up. With the addition of beneficial tax reform and the continuation of the federal tax credit, we only see this sector growing in the future,” commented Brandon Davis, head of commercial business development at SunPower by Venture Solar.

If you are a business owner interested in capitalizing on these new incentives, we encourage you to reach out to us for a free analysis. There has never been a better time to go solar and increase your environmental presence in your customer’s minds.