But answering two important questions is:
There are a variety of ways to reduce the out-of-pocket contribution and finance the cash required. Below we explain available NY solar incentives and financing options, and apply each to a real-life example:
By taking advantage of government incentives and tax credits, a solar power plant for your home is a solid financial investment. Payback periods are short, return on investment high, and you fix your energy costs well into the future. The currently available incentives are:
1
NY-SUN Solar PV Rebate or Incentive ($0.15/W)
Based on DC system size and performance of the array. As good as cash directly off the project cost.
2
NYS Tax Credit (25% up to $5,000)
Direct bottom-line deduction from state tax bill.
Here’s how the NY solar incentives and tax credits play out using the example above:
| System Cost | $24,800 |
| NY-SUN Solar PV Rebate ($0.15/W) Like cash off; goes directly to system builder upon completion. | -$1,056 |
| Contract Cost | $23,744 |
| 25% NYS tax credit ($5,000 maximum) Based on contract cost ($23,744 x .25); deduction from state tax bill for year paid | -$5,000 |
| Effective Total Cost | $18,744 |
Installing a solar array is a smart investment—but it must make sense financially for your family. It’s possible to lease a system with no money down, but it’s not advised. These financing options are far more advantageous:
1
Home Equity Line of Credit (6.42% – 8.95%)
Secured loan typically provides the lowest interest rates. Can cover full contract cost, including state and federal taxes for zero money out of pocket
2
NYSERDA Smart Energy Loan (Currently 4.00% or 7.50%)
15 year loan that can cover up to $25,000 of total system cost. Two loan rates offered depending on location and income.
3
Credit Human Solar System Loans (7.99%)
10, 15 or 20 year loans that can cover entire contract cost (up to $100,000). Once received, tax credits can be used to re amortize loan at no cost for lower monthly payments, or kept for other use.
Here’s how these options break down using the example above:
| HELOC |
NYSERDA Smart Energy |
Credit Human |
|---|---|---|
| Contract Cost: $23,744 | Contract Cost: $23,744 | Contract Cost: $23,744 |
| HELOC Loan. -$23,744 15 year loan @ 6.99% |
Smart Energy Loan: -$23,744 15 year loan @ 4.00% |
Credit Human Loan: -$23,744. 15 year loan @ 7.99% $5,000 – Tax credits used towards loan $18,744 – Re-amortized loan amount |
| Total out of pocket: $0 | Total out of pocket: $0 | Total out of pocket: $0 |
| Monthly Cost: $213 | Monthly Cost: $175 | Monthly Cost: $179 |
Check your eligibility and apply now!
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