Over the past 10 years, residential solar panel use has seen exponential growth. Appropriation costs have dropped over 70% since then, and new solar panel installation companies have emerged and flooded the market.
When looking for the right solar power system for your home, there are a few financial incentives that could help with the overall cost and open up your options a bit.
New York State offers several tax incentives to encourage residents to utilize solar energy (mostly excluding standalone systems). In many cases, the incentives cover large portions of your solar costs.
Government incentives for residential solar installations come in several forms, including:
Federal solar income tax creditTax credit worth 30% of your solar installation cost. There is no maximum amount you can claim.
New York State solar income tax creditThe NYS credit is equal to 25% of your equipment expenditures, up to $5,000.
SOLAR FINANCING AND LEASING FOR RESIDENCES
If you are interested in maximizing the financial returns of your solar energy system, then buying the system is probably a better decision for you than leasing it. Additionally, it will increase your property value.
However, if your priority is an easy, maintenance-free way to reduce your energy bills and relieve your carbon footprint, you should consider a solar lease.
For residential customers, loans are available from $10,000 to $90,000 with high cost-effectiveness standards and repayment periods of 5 to 25 years.
On-Bill Recovery Loan
Installation loan repayments become a line
item on your monthly utility bill.
Smart Energy Loan
Repayments are made directly to
NYSERDA’s loan servicer.
For additional financing exceeding the
$25,000 cap placed on the other loans