If this spring weather has you thinking about going solar, you aren’t alone! Spring is a great time to capture the sun’s rays because the days are finally long enough to bank credits for next winter. Another reason this spring is a good time to go or solar is that a major New York incentive is about to decrease, resulting in around $1650 of lost savings for the average solar system.
New York has the best solar incentives in the country
When you go solar at home in New York state, you’re eligible for several incentives that make solar more affordable. They include the federal tax credit, the New York state tax credit, and the NYSERDA solar incentive. This NYSERDA incentive will be decreasing sometime this spring. Read more about all New York incentives here.
What’s happening with the NYSERDA solar incentive?
The New York State Energy Research and Development Authority, better known as NYSERDA, allocates funding for residential solar projects in “blocks.” Each block has a different incentive rate, and they step down gradually over time. The current block is set at 35¢ per watt — which means for an average sized home solar system, the state will cover $3,850 of the purchase price, paying it directly to the installer for you.
But this current funding block is nearly depleted and will run out sometime this spring. Once it’s gone, the next funding block only provides 20¢ per watt, or about $2200 for an average sized system. Which means that waiting to go solar until summer could cost you $1650 in lost incentives.
Are all solar incentives going down?
It’s true that, by design, most incentives decrease over time and eventually go away. For example, the 26% federal investment tax credit (ITC) for solar was scheduled to drop down to zero by the end of 2021, but in an unexpected move by congress, it received a 2-year extension as part of the recent stimulus bill. It is now scheduled to phase out entirely by the end of 2023.
The New York state solar tax credit covers 25% (up to $5000) of the cost of your system and does not currently have a scheduled end date.
Go solar before April 30th to lock in NYSERDA’s current rate
With long days and home improvement season officially upon us, now is the perfect time to look into solar (and even energy storage!) for your home. And to sweeten the deal, SunCommon will guarantee NYSERDA’s current incentive rate for anyone who signs up for solar before the end of April 2021.
Schedule a time to chat with one of our expert Solar Advisors before this incentive drops!
Our team is available for virtual home visits to explain the various options and programs that are available to your home, so that you can go solar, save money, and do good by the planet all at the same time.
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