The installation of a solar panel system will:
State and federal incentives, along with affordable financing, can significantly reduce or eliminate the overhead costs of your system. For the typical electricity needs of homeowners, a solar panel system can potentially supply between 70% and 110% of energy demand. If your system produces any excess energy, it will be sent back to the grid, and you will receive utility credit for the energy you produce. This mechanism of exchanging utility credit for excess energy is called net metering. If you choose to backup your system with batteries, you can store any excess energy for your own use when your panels are not producing energy.
There are several tools to estimate the cost of a residential/small commercial PV system by location, including one from the U.S. Department of Energy that provides a simple step-by-step process for designing your system and one from NYSERDA.
Financial incentives and programs can reduce the cost of the entire solar panel installation by about 65%. Here is a list of federal incentives that are currently available:
Community Shared Solar provides an opportunity for entire communities, including renters, to access energy generated through solar panels. Community Shared Solar is a part of the Shared Renewables Initiative, also known as Community Distributed Generation (CDG), under NY-Sun.
Learn more about Community Shared Solar.
Yes. Visit this link to learn more about affordable loans, and check out OPTION 1 and OPTION 2 in the Affordable Solar section below.
Affordable Solar is a NYSERDA program designed to bring solar power to residents who can benefit the most from cheaper electricity -- those who pay proportionately more of their income for it. For eligible homeowners, the rebate incentive for PV systems is doubled.
To be eligible, customers must make less than 80% of the median area income. Visit this link to find eligibility levels by county.
The NYSERDA rebate is taken directly off the up-front cost of the system. Rebate levels decrease over time as MW blocks of solar go on-line; visit this link for current levels. For example, as of 10/15/18, the rebate for residential systems is $0.35/W. So, for income-qualified residents, this amount would be $0.70/W. When it is completely exhausted, the incentive level will drop to $0.20/W, and $0.40/W for income-qualified residents.
If you are eligible for this program, you may also qualify for free or discounted home energy improvements through the Assisted Home Performance with ENERGY STAR® or EmPower programs.
In addition, homeowners may also be able to take advantage of low-interest loans. There are two basic options:
Provide the convenience of paying for energy improvements on your utility bill.
Offers affordable interest rates, flexible terms and simple repayment options.
Last updated November 12, 2019