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Juliansolarguide.com

Signed in as:

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  • Home
  • Video Library
  • Panels
  • Battery Storage
  • Solar Calculator
  • Inverter Architectures
  • Roof Stand-Offs/Racking
  • Purchase vs Lease/PPA
  • Is Clipping a Problem?
  • Cash vs Financing
  • Are you a solar candidate
  • Commercial/Rental
  • SDG&E Vs Solar Investment
  • System Monitoring
  • Solar Tax Credit
  • Solar Panel Cleaning
  • Solar in California
  • Solar In Illinois
  • Solar In New York
  • Solar in Pennsylvania
  • Solar in New Jersey
  • Solar in Maryland
  • Solar in Texas
  • Solar in Arizona

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SOLAR IN NEW YORK


Does Solar Make Sense in New York?

New York has one of the fastest payback periods in the entire country with the help of multiple incentives being offered.  If your roof is not shaded by trees in the middle of the day and have a bill of at least $100, solar could make a lot of sense. With good light exposure on your roof, we see, on average, 6-8 year payback periods which is phenomenally fast. New York offers multiple incentives that help bring the net investment cost down to sometimes half the total cost. Combine the incentives with one to one net energy metering ( 1:1 NEM ) and already expensive and rising electricity rates, New York is setting itself up to have solar be a no-brainer for most homeowners. Below I am going to describe the incentives one by one and then give an average cost breakdown showing how much the incentives take off the total so you can see an ideal payback period example. This is "cash" deal so with financing the interest will add to the total cost. 


Incentives:

1. 30% Federal Tax Credit

2. One to One buy back credit for your excess kWh production from the utility

3. 25% state tax credit (up to $5000 max)

4. NY- Sun Megawatt Block Program

5. Solar Property Tax Exemption

6. Solar Equipment Sales Tax Exemption

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You are eligible for a federal tax credit in the amount of 30% of the total cost of your solar system investment. The average system in in the range of $15,000 on the low end, to up in the $40-50K range for what we would consider larger residential systems. This means that if you invest $30,000, for example, your net cost will really be $21,000 after the $9,000 is taken. 


In order to qualify to the federal tax credit, you need to be paying federal income taxes. They will pay you back up to the amount that you paid in that year. If you have a larger tax credit than your yearly federal tax amount, the remaining tax credit amount can be used the following year. The solar tax credit is able to roll over 5 consecutive years if the total cannot be used the first year. 



To incentive you to go solar, the utility companies in NY credit homeowners with solar at a 1 to 1 rate. This means that a solar system can eliminate the utility company's bill ( other than a low monthly connection fee ) WITHOUT the need for battery storage. With full 1:1 credits, the system banks power all throughout the middle of the day when the system is producing more than the house and then in the evening, you do draw power from the grid, but the credits you built up in the day simply cancel out the night time bill. Most states do not have a net metering policy that credits you at the same value as what you actually are paying. Net metering will go away as solar participation increases so lock yourself in before the credit value starts to drop. Batteries start at around $10,000 and so do not want until you inevitably need to add at least $10,000 in cost to your total.  


Adding to the already 30% federal tax credit, New York offers state tax credits in the amount of 25% of the total solar system cost, but capping at $5,000. Considering the average solar system cost is in the $20-$40k range, this means you will see all $5000 in tax credits. 


For Con-Edison customers Upstate NY residence,  another rebate is also available now but not forever. This is a first come first serve situation and once the funds run out, they are gone. For Con-Edison customers, a 20 cent per watt rebate will be given. For a 5kW system this would work out to be $1,000 and for a 10kW system, $2,000. Most of Upstate residence also will qualify.


-Long Island doesn't qualify any longer. (Program expired) Don't let it happen to you! 

-System cannot exceed 25kW  (Average is 6-10kW)

-System cannot exceed 110% solar offset 


Since solar has been proven and does statistically raise the value of your home during resale, New York put a law in place to not include the value of the solar your  property tax assessment. 


To help keep costs down, solar equipment is exempt from the 4% state sales tax and the 3/8% sales tax imposed on the Metropolitan Commuter Transportation District. (MCDT)



So what does the Average cost breakdown look like?

Let's say we are going to install a 8kW system that is going to eliminate a $150/month bill....




The 8kW system, with no battery or extras like main panel upgrades, etc, costs a total of $24,000 in this example. 


Total Gross Cost - $24,000

30% Federal Tax Credit - ($7,200)

State Tax Credit - ($5,000)

NY-SUN MW Block Program - ($1,600)

-----------------------------------------

Net Cost - $10,200


If your bill is approximately $150 a month and rising by about 6% yearly, even if we assume that the homeowner will still have a $25 per month bill after going solar, making the savings $125 a month, it'll only take about 6 years to pay itself in this ideal scenario. 



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