Let the parades begin and the confetti drop down – this state wins the prize as the most progressive in the country for supporting conversion to solar powered energy! New York state earns the honor by way of extremely strong legislative support, as well as its offerings of rebates and incentives for making the switch. Taken collectively, all programs supporting solar energy power in New York make it the best state in the Union for going solar.
New York state support for going solar
New York state just might have the most aggressive Renewables Portfolio Standard (RPS) in America, mandating that at least 30% of all electricity generated in the state be sourced from renewable energy such as solar, by the end of 2015. That’s 2015 – THIS year! That is a very high number, and a very near target date. It will probably be sometime next year before the New York Public Service Commission reports on the level of compliance achieved statewide, but the goals themselves are more than impressive.
Available rebates on the installation of a solar system in New York are among the best in the country, coming in at $700 per KW, up to a maximum of a 25 KW system. That means that on a standard 5 KW solar panel system, a homeowner can expect to receive a whopping rebate of $2,100! New York’s solar power tax credit is just as impressive – you can receive a 25% credit on an installed system, so that if you paid $20,000 to setup your solar panels, you can file that on your state tax form and receive back $4,000 the next year.
Keep in mind that you will also be eligible for the 30% tax credit from the Federal Government on top of all that, so the cost of installing a brand new system of solar panels can be considerably offset by all the available rebates from various governmental levels.
Making the switch to solar as a NY homeowner
For NY homeowners looking to go solar, there are basically two options – leasing and purchasing. Leasing involves no upfront cash payment for buying a solar panel system, but it will require that you pay a monthly utility bill for your solar power (which will be cheaper than the electricity from the grid), as well as a monthly installment amount, which will eventually recover the cost of equipment and setup for the electric company or third party company which did the installation.
An outright purchase of your solar panel system is the method that achieves the greatest savings over time, because after the initial outlay, there are very few ongoing costs that you will ever have to pay. If you don’t happen to have $15,000 in cash to put down on a new system, you could possibly apply for a home equity loan to generate the installation payment, and thus still achieve all the long-term advantages and savings.