New York Solar Power at a Glance

New York Solar Power at a Glance
8

Electricity costs

0.0/10

Renewable Portfolio Standards

10.0/10

Solar Carve Out

10.0/10

Net Metering

10.0/10

Interconnection

10.0/10

Performance Payments

0.0/10

Incentives/Rebates

10.0/10

State Tax Credits

10.0/10

Property Tax Exemption

10.0/10

Sales Tax Exemption

10.0/10

Pros

  • Renewable Portfolio Standards Program
  • Solar Carve Out Program
  • Net Metering Program
  • Interconnection Policy
  • Incentives/Rebates
  • State Tax Credit
  • Property Tax Exemption
  • Sales Tax Exemption

Cons

  • High electricity costs
  • No Solar Performance Payments Program

Solar Power in New York

New York SolarPower

Introduction

One may think that with New York being a State known for how busy and congested it is that Solar Energy would not be a priority. To the surprise of many it is considered as the #1 in the Nation for their Solar powering efforts. The residents here have a lot of reasons for wanting to capitalize on Solar Power New York offerings and they have been totally committed to doing so. Plus the fact that they are rated as the Nation’s 7th highest in electrical costs, ringing in at 18 cents kwh.

Average Costs of Going Solar

It begins with an upfront cost of $21,250, but off of this comes $14,374 in incentives/rebates which reduces the first year cost down to $6,876.

Savings for Solar Power New York Users

On the monthly electrical bill  residents relying on solar energy can expect a $93. a month savings. They can also enjoy an increase in the value of their homes by about $22,230.

Payback Periods for New York Solar Systems

New Yorkers can enjoy a seven year pay back on their system.

Return On Investment On Solar Electric System

For a return on the investment into the New York Solar system it amounts to 19.8%

Incentives Solar Power New York

Current New York Legislative Environment For Solar

Overall, for the Renewable Portfolio Standard New York is rated as the 7th best for the Nation. Their mandate was 30% by the year 2015. In November of 2015 the standards was updated to have 50% of renewable energy as the main source by 2030.

The State has a Solar Carve Out at 2.5% and is rated as the 4th best throughout the Nation.

When it comes to the interconnection rules this state is fairly detailed with their program, compared to other States.

Incentives Available For New York Solar

There are no significant incentives in place at the moment for this state, nor does it have a Solar Performance Payments program.

New York Net Metering

This is one of those States that has a Net Metering system. This program ensures that the utility companies monitor how much energy is being produced and consumed, and the homeowners are credited for the excess. Up to 25kW is the requirement for the utility companies to provide net metering service. The excess is reconciled on an annual basis.

New York Solar Energy

Rebates / Tax Credits

Although the incentives are poor the rebates are substantial. The State stands in 4th position across the Nation for its rebates. The rebate rates are $700 per kW. This applies to solar installations up to 25kW. This is excellent for those with a 4 kW system as those that have this will enjoy a rebate of about $2,100.

When it comes to State tax credits this state comes in as #5 in the Nation. The credits amount to 25% with a max. of $5,000.

Then there is the standard no limit 30% Federal tax credit.

The state also offers a property tax exemption as well as a sales tax exemption. These are really great bonuses for going solar in New York.

Summary:

There are a lot of great reasons and some really good savings to be taken advantage of by becoming a New York Solar Power user. It is great to see both the state officials and the residents themselves taking on the benefits of solar power so aggressively.