August 18, 2020
New York State is home to some of the highest utility rates in the country and Westchester residents, in particular, are faced with these high utility rates on their bill each month. A solar panel installation is a way for energy consumers to save on these utility bills every month and, in some cases, virtually eliminate their energy bills. Solar is one of the most dependable investments on the market in 2020, offering huge utility bill savings and an excellent return on investment.
What’s more, solar is accessible for everyone. From residential and commercial property owners to renters and all Westchester residents. For homeowners and businesses, a solar panel installation on the property is an efficient, environmentally friendly way to save on electricity costs. For those who are unable to install solar panels on their own property for any reason, a community solar subscription is an alternative way to access solar energy and save money.
Why Go Solar In Westchester
There are a ton of reasons why Westchester is a great location for solar energy customers. Below, we’ve highlighted the top 3 reasons to go solar in Westchester, New York in 2020.
Utility Bill Savings: This is probably the biggest reason to install solar panels in Westchester. Going solar is a way to offset electricity bills each month, while also safeguarding against the volatility of utility rates, which are likely to continue trending upwards in the years to come.
Long-Term Warranty: Solar panels are a long-term investment, offering clean, renewable energy and utility bill savings for years to come. This is reflected in the excellent warranty offered alongside solar panels, generally in the region of 25 years. When you go solar with a reputable, established solar company like YSG, you’re ensuring a long-term return on your investment.
Solar Incentives, Tax Credits & Rebates: Solar panels are an affordable investment for everyone thanks to the wide array of incentives, credits, and rebates available to New York solar customers. In the next section, we’ve outlined the key financial incentives and rebates which Westchester solar energy customers can take advantage of.
Westchester, New York: Solar Incentives, Tax Credits, and Rebates
For those residing in Westchester, and New York in general, there are some fantastic incentives available for going solar.
Federal Investment Tax Credit (ITC): The ITC has been a big part of solar growth across the United States—and with good reason. The ITC allows you to reduce federal tax liability by up to 26% of the solar system’s net cost. This tax credit is only applicable if you purchase the solar system. Therefore, if you lease your solar panels, you cannot make use of the ITC. Importantly, if your tax liability isn’t large enough to claim the entire 26% credit, you can roll the ITC over to the following year.
New York State Solar Equipment Tax Credit: This tax credit allows solar customers to reduce state tax liability by either $5,000 or 25% of total solar expenses (whichever amount is lower). Similar to the ITC, the NYS Solar Equipment Tax Credit can be rolled over to the following year if tax liability isn’t large enough. However, unlike the ITC, it is also available to customers who opt to lease solar panels instead of purchasing.
Megawatt Block Incentive Structure: This dollars-per-watt ($/W) rebate, part of the NY-Sun initiative, is available to both residential and commercial solar customers. The rate is variable. It depends on the amount of solar energy already being generated in your locality, but it could be as high as $1 per watt.
Net Metering: Net metering is a means of compensating solar customers to ensure fair payment for energy generated by their solar system. Excess electricity generated by your panels is sent back to the grid, and your local utility company credits you on your bill based on the energy generated by your panels.
Westchester Community Solar
Community solar is a subscription-based model which allows anyone to go solar, even if their property is unsuitable for solar, or if they rent, or for any other reason which may prevent them from installing solar panels. Community solar refers to a shared solar PV project which is open to multiple subscribers. Subscribers receive the savings and clean energy benefits associated with conventional rooftop or ground-mounted solar installations, without the need for an installation on their property. Westchester residents interested in community solar should read our in-depth FAQ to learn more about how it works. If the FAQ piques your interest, then reach out to confirm your eligibility and identify a community solar project in your area.
Sustainable Westchester
In recent years, Westchester County has really embraced the potential of renewable energy, and Sustainable Westchester, a nonprofit organization, embodies this. Sustainable Westchester is made up of local governments from around Westchester County who are keen to develop environmentally friendly, economically viable sustainability initiatives for the people of Westchester.
The Panasonic Power Package From YSG Solar
With the Panasonic Power Package from YSG Solar, homeowners can easily repay the cost of their solar panel installation using on-bill financing. On-bill financing means homeowners can pay off the cost of their solar system over a 15-year period—at a 0% interest rate. To learn more about the Panasonic Power Package and the associated financing options, simply click here. Below, you will find the most important information regarding the Panasonic Power Package.
0% Interest, 15 Years, Repaid On Your Electric Bill
$1,000 Upfront Cash Payment, Paid Upon Start of Install
Established Over 10 Years Ago With Industry Leaders
Panasonic Premier Installer, NABCEP Installer
Panasonic 25-Year Warranty Covers Parts & Labor
2020 Is The Last Year To Claim a 26% Federal Tax Credit
If you want to install Panasonic solar panels in Westchester, then get in touch today. The Panasonic Power Package from YSG Solar offers excellent savings and the highest-quality solar equipment available. Send us an email, or call at 212.389.9215 to get started.
YSG Solar is a project development vehicle responsible for commoditizing energy infrastructure projects. We work with long-term owners and operators to provide clean energy assets with stable, predictable cash flows. YSG's market focus is distributed generation and utility-scale projects located within North America.
Sources:
https://sustainablewestchester.org/
https://solarizewestchester.com/
Photo by Mariana Proença on Unsplash.