How can you pay for solar? Let us count the ways
Rooftop solar panels, once available only to the most well-to-do residents of the sunniest locales, are fast becoming a viable and appealing option for the masses – even here in the Northeast. Today, a combination of technological advances, government programs and local initiatives are not only putting solar energy within reach, but in many cases, making it the smartest choice for New York homeowners.
First, take a look at the big picture: Falling prices, combined with public support, are making widespread adoption of solar cheaper and easier than ever. In fact, the cost of solar installation projects has fallen more than 50 percent since 2009, according to a Berkeley Lab study. Governor Andrew Cuomo has recently thrown his weight behind renewable energy with a $5 billion Clean Energy Fund and an aggressive goal of meeting 50 percent of the state’s energy needs with renewable sources by 2030. And local initiatives such as Solarize programs are making solar available with a unique model – carefully chosen quality installers and pre-negotiated discounts.
But these trends still don’t answer your biggest question: How will I, personally, pay for solar?
Here are some of the most popular ways to save, including popular financing options and tax incentives, that can help make solar not only a possibility, but the smartest choice for your energy needs:
Skip the upfront costs
We remove what is often the biggest barrier to going solar – the upfront cost. For qualified homeowners, we can combine NYSERDA’s 15-year 3.49% On-Bill Recovery Financing with a Same as Cash Loan to allow you to go solar with no money down. You’ll typically see savings of 20% to 40% right out of the gate – and the savings are projected to grow every year. Learn more about how this works by clicking here.
A 30 percent federal tax credit for solar that was set to expire this year has been extended – so take advantage now.
New York State offers a number of attractive incentives for going solar, including:
- An upfront NYSERDA incentive of about 20 percent of the cost of your system. (Combine this with the federal incentive and you can offset more than 65 percent of your costs!)
- 25% state tax credit – capped at $5,000
- Exemption from state sales tax for residential solar installations
- A 15-year property tax exemption for the cost of solar systems in some New York State localities, protecting homeowners from any increase in property taxes due to a solar installation.
Solarize programs, such as Solarize Westchester and Solarize Nyack, help residents pool their purchasing power to obtain better pricing from a pre-vetted solar installer. Sunrise Solar Solutions has been chosen as the contractor for numerous Solarize campaigns, including those in Rye Brook, Hastings, Dobbs Ferry, Cortlandt, Croton, Bedford, Mt. Kisco, Larchmont and Mamaroneck.
As solar grows, contractors are increasingly willing and able to compete for your business. Getting multiple bids will help you make an informed decision and find the best value. That goes for us, too: For instance, if your town is not participating in Solarize Westchester, or has partnered with a different solar installer, we will be happy to provide a quote – you may find that we still provide the best value.