Buffalo, Rochester and Syracuse utility consumers are paying ever-increasing rates for electricity. Installing solar panels is the best way to put thousands of dollars back in your pocket every year. It adds value to your home, can make you money for the next forty to fifty years, and is one of the biggest steps you can take towards combating climate change.
With affordable, financing, generous tax credit from the Federal government, New York State tax credits, and NY SUN incentives from NYSERDA (New York State Energy Research & Development), the cost for a residential solar panel installation is at an all time low, which means a quicker pay back time for you! Once your system is paid off, you could eliminate your electric bill.
Let’s take a look at an example project, and see how you could be saving money every month.
Let’s assume the total cost of your solar installation will be $18,900. We apply for an NYSERDA grant that can reduce that total cost, bringing the amount to be financed down to $16,100. We can help you obtain 12 month, no interest, no payment financing through NYSERDA specifically for this type of project!
|Total Project Cost||$18,900|
|Amount to be Financed||$16,100|
In addition to an NYSERDA Grant, there are Federal and New York State tax credits that can be applied to your amount financed, bringing the contract cost even lower!
|Amount to be Financed||$16,100|
|Federal Tax Credit||($5,670)|
|NYS Tax Credit||($4,025)|
This remaining balance can be paid "on-bill", which means you make payments for your new solar system through your energy savings.
If, for example, your electric bill before your solar installation was $125 per month. After your solar installation, your electric bill has been reduced to just $50 per month, a savings of $75 per month! You would make a $53 per month payment through your utility bill towards the amount financed, for a total payment of $103 per month - a savings of $22 per month! Once your system is paid off, you'd be saving $900 per year that wouldn't have to be paid to a utility company!
On-bill financing is only one option for taking care of your final contract cost. Depending on your system installation cost, grants awarded, and financing and payment choices, you could have your entire system paid off in as little as 5-7 years. After that, every dollar saved from your solar installation is a dollar put directly back in your pocket!
For more information on costs, grants, or financing options, we encourage you to contact us today. We can evaluate your specific home energy usage and put together a detailed cost analysis just for you!
The New York Sun Energy Smart Loan, offered by NYSERDA, offers affordable rates (as low as 3.49%), flexible terms, and simple repayment options for people wishing to finance their solar panel installation. Paying a New York Sun Energy Smart Loan is similar to any other conventional loan - you make monthly payments to NYSERDA's loan services by check or automatic bank draws.
The PON 2112 is a grant that provides cash incentives and/or financing for the installation of new grid-connected solar systems by contractors and builders. This grant is intended to help develop a highly educated and skilled solar installer network in our area, to match the growing demands. PON 2112 also offers post-installation quality assurance, including a rigorous inspection service to ensure your solar panel installation meets all applicable codes.
In most areas of New York state, solar panels installed on a roof are exempt from property taxes. This exemption was mandatory prior to a 1990 reenactment, in which a "local option" clause was added. This exemption is valid unless a government specifically opts out of the exemption (as opposed to the more common practice of requirement governments to "opt in" in order to receive an exemption). We can help you identify any property tax exemptions that may apply to your installation!
Residential solar customers may receive a 30% tax credit for solar systems installed on a qualifying residence. Expenditures may include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year!
The federal commercial solar tax credit actually includes mutiple types of renewable technologies, including solar space heating, solar hot water and photovoltaic panels. This credit could result in thousands of dollars in tax credits. Combined with the NYSERDA solar grant and accelerated depreciation, you could be acquiring assets for less than 25 cents on the dollar.
Under the Federal Modified Accelerated Cost-Recovery System (MARCS), a business may recover investments in solar panel installation through depreciation deductions. The MARCS establishes a time table for different types of energy saving devices, ranging from three to fifty years!
You may be tempted to finance your solar panels through a solar lease. But, consider the longer term consequences! A lease company can veto any home sale, and most potential buyers will not want to purchase a home and be obligated to assume the lease. The lease company may use a $0 down promise as a way to lure you into a contract structured so that they are the recipient of any grants or tax credits you may be eligible for. This means you will be stuck leasing at a higher cost than you'd be paying if you had received grants or tax credits and financed the remaining portion of the installation cost.
Remember, if someone is pressuring you to make a sale today, before you are able to receive additional quotes or properly consider the long term consequences of your decision, they are probably not looking out for your best interests!
"Owning solar panels installed by Ecovis Solar is one of the wisest decisions you will ever make. Our panels not only work flawlessly but they save us money and keep us safe in power outages."