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 cheaper than rooftop systems. If you're interested in solar energy but don’t have the funds to build a large system, community-solar may be right for you.
Net metering
Net metering is one of the most popular solar incentive programs in New York. This allows customers to sell excess electricity back to the grid. In this way, utilities companies can pay for your solar power and help customers save money on their utility bills. An efficient solar system is required to be eligible in net metering.
In 1997, Net Metering was established in the Empire State. It rewards homeowners who produce more electricity that they consume. While net metering can offer great savings to homeowners, it also puts a lot of stress on 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 taxes
Although installing solar panels for your home can seem expensive, you can make thousands of dollars by taking advantage of the tax credit. The tax credit will pay directly to the contractor and will cover between 20-30% of the cost of a PV panel system. In order to be eligible, your solar system must be installed within a given time.
Your family's tax burden may determine whether you are eligible for a Solar Tax Credit. Even though the credit is limited to your annual tax liability, it can still be an option for people who want to reduce their electric bills. This tax credit can be spread over many years so it is easier to pay for your solar system.
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 go directly to the contractor installing the solar system. Once approved, community solar members have up to a year to complete the installation process.
One community solar project at the Brooklyn Army Terminal will offer a 15% discount on electricity bills the first year. 13 residents who were previously unemployed were employed in the project. The buildings will be enhanced with the income generated by this project. The developer had already coordinated the development of two megawatts more of community solar with NYCHA prior to the announcement. But, the timeline was cut.
Community solar is cheaper than a rooftop system
Community solar projects offer the best way to generate cheap clean 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 on which project you are interested in, subscribers can opt for either shorter terms or pay-as-you go terms.
Community solar projects are cheaper than rooftop systems and don't require upfront costs. Through community solar projects, participants can save as much as 10% on their electricity bills. This is available even for those who cannot afford solar panels. Even though everyone may not have the means to access them, community solar projects can reduce their electricity costs.