New York City residents can receive solar incentives through many different channels. You can receive a tax credit, Net metering, or community solar. A rooftop system is more expensive than community solar. If you are interested but lack the financial resources to purchase a large solar system, community solar might be an option.
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. You can save money by having your utility company reimburse the cost for your solar energy. In order to qualify for net metering you will need to have an efficient solar system.
In 1997, the Empire State implemented net metering. This was to reward solar homeowners who produce less electricity than they consume. Although net metering can save homeowners a lot, it can also put a lot on the grid. NYPSC created VDER, a system to reward solar consumers for reducing utility bills.
Tax credit
Solar panels can be very expensive. But, with the tax credit you can save thousands. The contractor will receive a tax credit that will cover 20% to 30% of the installation cost for a PV system. You must install your solar panel within a specific time frame to be eligible for this program.
Depending on your family's tax liability, you may qualify for a solar tax credit. 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 can be spread over many years so it is easier to pay for your solar system.
Community solar
New York City offers a variety of community solar incentives. These incentives typically cover 20-30% of installation costs for a solar PV array. These funds are paid directly the contractor who installs a solar system. Once the approval has been granted, community solar members have a year to complete installation.
One community solar installation in Brooklyn Army Terminal offers a 15 percent discount for electricity bills for its 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. At the time of the announcement, the developer had already arranged for the development of two more megawatts of community solar with NYCHA, but had to shorten the timeline.
Community solar is less expensive than a roof-mounted system
Community solar projects are the easiest way to generate clean electricity at low costs. According to the amount of solar energy generated by each project, subscribers will receive credit for their monthly electric bills. In this way, community solar subscribers can lower their electric bills while supporting clean, local electricity. 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 much more affordable than rooftop systems. They don't need any upfront costs. Community solar projects can reduce your electricity bill by up to 10% 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.