It takes a lot of energy to power the city that never sleeps and New York City's combination of high utility bills and excellent solar incentives make it a prime location for solar panel installation. New York City is one of the top solar power locations in the entirety of the United States and Brooklyn is a big part of this.
Brooklyn is one of the most popular solar locations in NYC, thanks to its financially savvy, environmentally conscious population. What makes a Brooklyn solar installation such a clever investment? Well, many things. We’ve picked 4 of the biggest reasons and discussed them below.
#1. Utility Rates
It may not be as pricey as Manhattan, but living in Brooklyn can still cost a pretty penny. One big factor contributing to the cost of living is your utility bill. This recurring payment can really add up over time and, if trends are to continue, then the cost of Brooklyn utilities will continue to rise. Luckily, one of the biggest benefits of going solar is its ability to put a huge dent in your electricity bill. A solar installation, once it gets up-and-running, can go a long way to reducing your electric bill, or, in some cases, even offset the electric bill entirely.
#2. Incentives & Rebates
There are some fantastic incentives and rebates for solar panel installations across the state and, of course, Brooklynites can take advantage too. In fact, New York has some of the most enticing financial incentives and tax rebates of any state. There’s the Megawatt Block Incentive, which uses a generous dollars-per-watt approach. There’s the NY State Solar Equipment Tax Credit, which offers a big reduction in your solar expenses, for both leased and purchased solar systems. Perhaps most enticing of all is the Federal Investment Tax Credit (ITC) which has been a huge draw for years now. The ITC allows you to reduce your federal tax liability by up to 30% of your solar system’s value, provided you have purchased the system outright. Unfortunately, 2019 is the last year in which the full 30% rate will apply, before dropping to 26% next year, 22% the year after, and finally disappearing from 2022 onward. This means that the best time to invest in Brooklyn solar is right now.
#3. Return On Investment
Solar panel installations, given their durability and lengthy lifespans, are one of the safest investments on the market, with proven returns for Brooklyn solar customers. In addition, investing in solar protects you against the volatile utilities market for the foreseeable future. More than just a financial investment, it’s an investment in the future of our planet - a renewable energy source generating on your own property!
#4. Property Value
Much like the utility market mentioned above, the property market can also be tricky and volatile. Thankfully, a solar panel installation is a great way to increase both the value and saleability of your property in the future. Solar panel installations in Brooklyn, and elsewhere, have been shown to increase property value. In addition, solar-equipped properties get snapped up quickly when they do go on the market. Prospective buyers will be keen on anything that reduces their costs in what can be a financially-stressful time (moving to a new home or commercial property). Solar offers this potential for immediate reduced cost.
By Shane Croghan