Across the five boroughs of New York City, a solar revolution is underway. Renewable energy is the future and the populace of New York have woken up to the many positives of solar energy systems. For homes and businesses alike, solar can save money and reduce living costs. For those in The Bronx, a solar panel installation is a safeguard from utility rates, a solid financial investment, and a property asset. Below, we cover 3 of the biggest reasons why Bronx residents would be well advised to invest in solar panels in the near future.
#1. Rising Utility Rates
New York City has some of the highest utility rates in the entire country and, of course, those in the Bronx feel the impact of these utility rates as much as anyone else. Over the years, our customers have been delighted with the impact a solar panel installation has on their monthly electric bill. With the energy generated by a solar panel array, you can put a huge dent in your monthly bill or, in some cases, even offset your utility bill completely. Given the high utility rates already present in New York City, and the fact that they look set to continue rising in the future, a solar panel installation can be a way to safeguard yourself against these climbing utility rates.
#2. Wonderful Incentives & Rebates
For those in the Bronx, funding your solar panel installation has never been simpler, thanks to the number of fantastic incentives and rebates available for new solar customers. New York City has some of the best incentives and rebates in the United States. The Megawatt Block Incentive is generous, using a dollars-per-watt approach. The NY State Solar Equipment Tax Credit can put a massive dent in the initial expenditure involved with installing solar. Best of all is the federal investment tax credit (ITC), which offers a tax liability up to 30% of the solar system’s value. Unfortunately, 2019 is the last year in which you can avail of the full 30% rate, so now is the best time to take the plunge. Learn more about the ITC step-down here.
#3. Increased Property Value
Another big draw for our customers has been the increased property value that comes about as a result of installing solar panels on a home or business. With a solar panel installation, Bronx property owners will not only see an increase in the value of their property, but the saleability of their property will improve as well. When you finally do decide to put your property up on the market, it won’t only fetch a higher price, it will also be snapped up quicker by prospective buyers. Buyers of new properties are always eager to reduce expenditure as much as possible, and a property with a solar panel installation already installed offers this. Their expenditure is immediately lower thanks to the lower utility bills resulting from the solar array.
By Shane Croghan