Solar Panels in the Bronx
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New York is tenth in the nation for installed solar capacity, and favorable energy policies are causing a boom in residential solar. The Empire State will reach 1 gigawatt (1 x 109 watts) of installed solar energy this year, marking a milestone of success after a decade of working to make clean energy within reach for all.
The New York electricity grid has been criticized for turbulent price fluctuations and the possibility of reliability issues. Price spikes are the last thing you want to see, but homegrown solar energy is a long-term solution. The policies of the Cuomo administration have heavily subsidized residential solar installations. Incentives range include net metering, heavy discounts, and popular tax incentives. Some are expiring soon, consider installing soon to reap full benefits.
The facts
- The Empire State will reach 1 gigawatt (1 x 109 watts) of installed solar energy in 2017
- Nearly 6,000 New York City residences have made the switch the clean, reliable and affordable rooftop solar energy
Why are so many New York residents going solar?
In 2017, average electric rates in the state are 47% higher than the national average. A typical household will save somewhere from $10,000 to $20,000 over the lifetime of a rooftop solar array, depending on size and financing options. The hot and sunny summers are prime conditions not only for occasional grid problems due to high demand but also for maximizing solar electricity generation.
- Nearly 50% of installation costs can be avoided thanks to some of the most generous incentives in the nation
- The New York solar sector employs over 8,000
- Installed solar already provides enough electricity to power 150,000 NY homes
- New York policy mandates 50% renewables by 2030
Federal and State Incentives in The Bronx
The federal Residential Renewable Energy Tax Credit has promoted the exponential growth of the solar industry for years. Taxpayers can claim up to 30% of installation costs until the credit is phased out starting in 2019. Acting soon will save you thousands on your cost of installation, which means your system will pay for itself much sooner.
In addition, 100% of solar installation subsidies are exempt from taxes (Residential Energy Conservation Subsidy Exclusion).
Where New York really shines is the abundance of state incentives. Without a doubt, the most applauded are the generous size-based discount that slashes up to 20% off up-front costs.
This Megawatt Block Solar Incentive considers how big your system is, your regional ‘block’, and the abundance of existing local solar energy to determine how much of a discount you will qualify for. The best part is you don’t need to bother with filing paperwork with multiple entities, your installer will apply the discount before you make any payments.
Make sure you confirm with them that it has been applied!
Net metering is available for all residential systems under 25 kW. The average rooftop array of 6 kW will frequently produce more electricity than is needed by your home. Each time that happens, the utility will give you bill credits to reduce your next bill.
The state offers a property tax abatement to prevent increases due to the added value solar adds to home values. If your municipality participates, apply for the incentive to save big over the coming years.
The incentives keep piling up! There is also a 25% state tax credit for costs associated with the installation of residential solar, which alone can reduce your expenditures by several thousand dollars. In NYC, the solar equipment is exempt from sales tax.
Taken together, the savings add up to nearly 50% of usual costs for installation. Residents of The Bronx live in one of the most affordable locations in the nation to go solar.
- Megawatt Block Solar Incentive: size and location-based discounts take up to 20% off up-front costs
- New York offers a property tax abatement to prevent increases due to the added value of solar
Discover how much you can save today
