Residential
Solar Panels
With the help of government grants and tax incentives it has never been easier to afford and pay off a solar panel installation for your home.
Over the past 10 years residential solar panel use has seen exponential growth. And though appropriation costs have dropped over 70% since then, new solar panel installation companies have emerged and flooded the market.
When looking for the cheapest solar panel installation that’s right for your home there are a few options that can alleviate the process.
Residential Tax Incentives
New York State offers several tax incentives to encourage solar energy (mostly excluding standalone systems). In many cases they will cover the majority, if not all of the costs of your solar panels.
Incentives for residential installations include:
• An income tax credit for 25% of the cost of the system ($5,000 maximum) for grid-connected, residential solar electric and thermal systems.
• Exemption from state sales tax for passive solar space heating, water heating and photovoltaic panels installed in single- and multi-family residential buildings.
• A 15-year property tax exemption for the cost of solar and certain renewable energy systems constructed in New York State, to ensure that property taxes do not rise because owners install solar energy equipment.
Solar Financing & 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.
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 $13,000 to $25,000 with high cost-effectiveness standards and repayment periods of 5, 10, or 15 years.
Financing Option 1: This on-bill recovery loan provides the convenience of paying for energy improvements on your utility bill (also for small business and non-profit). Monthly payments may not exceed the estimated cost savings from the energy upgrades, which means the energy savings may cover most or all of your loan payment. Below, list your average monthly bill to determine which interest rate may be available to you.
Financing Option 2: The Residential Smart Energy loan offers affordable interest rates, flexible terms and simple repayment options. Your interest rate will be depend on your credit qualification.
– See the “Commercial Solar Panels” page –
Providing us with some information below will help you get started in finding out the best way to finance your solar panel system:
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