Solar incentives are available to New York City residents through several different channels. You can receive a tax credit, Net metering, or community solar. Community solar is a more cost-effective option than a rooftop system. If you are interested but lack the financial resources to purchase a large solar system, community solar might be an option.
Net metering
One of the most common solar incentive programs in New York is net metering, which allows solar customers to sell any surplus electricity back to the grid. This way, utility companies can reimburse the cost of your solar power and help you save on your utility bill. An efficient solar system is required to be eligible in net metering.
In 1997, the Empire State implemented net metering. This was to reward solar homeowners who produce less electricity than they consume. Net metering is a great way to save money for homeowners but it can also cause a lot of stress for the grid and utilities. NYPSC is currently working on a solution. VDER is a new billing system that rewards solar users for reducing their utility costs.
Credit for tax
Although installing solar panels for your home can seem expensive, you can make thousands of dollars by taking advantage of the tax credit. This tax credit will cover 20-30% of the installed cost of a PV system, and will be paid directly to the contractor. To be eligible for the program you must have your solar system installed within a specified time period.
Based on your family's tax liabilities, you might be eligible for a tax credit for solar energy. The credit is only available to those who pay taxes annually. However, it's still a good option for anyone looking at reducing their electric bills. This tax credit is able to be spread over many year, making it more affordable than you might think.
Community solar
New York City offers many community solar incentives. These incentives generally cover 20-30% of the cost of installing solar PV systems. These funds are paid directly the contractor who installs a solar system. After approval, community solar members have up until one year to complete the installation process.
One community solar project in the Brooklyn Army Terminal will offer a 15 percent discount on electricity bills for the first year. The project, developed with the NYCHA and Sol Purpose, employed 13 formerly unemployed residents. The buildings will be enhanced with the income generated by this project. The developer had already secured two more megawatts from NYCHA for community solar, but was forced to cut the timeline.
Community solar is much cheaper than a rooftop installation
Solar projects in communities are the simplest and most cost-effective way to generate electricity. In accordance with the amount of solar power produced, subscribers of such projects can have their monthly electric bills credited. By doing this, community solar subscribers can reduce their electric bills while helping the environment and supporting clean, local energy. Depending upon the project, subscribers might choose shorter terms or pay as they go payment terms.
Community solar projects don't have to be paid upfront, unlike rooftop systems. Participating in community solar projects can help you save up to 10% on your power bill. Additionally, the community solar projects are available for those who cannot afford rooftop solar. Even though everyone may not have the means to access them, community solar projects can reduce their electricity costs.