Solar has been growing exponentially over the past couple of decades, thanks to greater investment in research and development. This has led to more cost-efficient solar technology and, thus, greater savings for the end consumer of solar power. In the United States, in particular, solar has grown increasingly popular thanks to the fantastic financial incentives and environmental benefits of solar arrays. New York is one of the most popular solar locations in all of the United States, thanks to its financially savvy, socially conscious population. But why is this? What makes a New York solar installation such a wonderful investment? Well, there are plenty of reasons. We’ve picked out 4 of the best, so let’s take a closer look.
#1. High Utility Rates
We all know that living in New York can be pretty expensive. One big factor contributing to these expenses is your utility bill. This recurring payment can really add up over time and, if trends are to continue, then the cost of utilities in New York will continue to rise. Considering that New York already has some of the highest utility rates in the country, this is not good news. 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 country and New York is no exception. In fact, New York has some of the most enticing financial incentives and tax rebates of any solar area in the United States. 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 enticingly 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 now is the best time for New Yorkers to go solar, in a financial sense at least. Learn more about the best New York solar incentives here.
#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 solar customers. Investing in companies on the stock market can be risky and volatile, solar is a safe bet with endless evidence for the kind of great returns you can expect from a solar investment. More than just the financial investment, you’ll be safeguarding yourself against the volatile utility market for years to come, while also investing in the future of our planet with a renewable energy source generating on your own property!
#4. Increased Property Value
Much like the utility market mentioned above, the property market can also be tricky and volatile. Thankfully, a solar panel installation is one guaranteed way of increasing both the value and saleability of your property in the future. Solar panel installations in New York, and beyond, have been shown to increase property value across the board. In addition, solar-equipped properties have been shown to sell quicker when they do go on the market. Prospective buyers will be very keen on owning a property which immediately reduces their costs in what can be a financially-stressful time (moving to a new home or commercial property).
By Shane Croghan