Can solar be free or can you get paid to go solar?
The simple answer is YES for those who meet the qualifications below:
- You have an average monthly electric bill over $100.
- You are paying enough income taxes to gain the Federal and State Income Tax Solar Credits.
- You have enough sun exposure and space on your roof or on your property to produce 100% of your electricity usage and receive the NYSERDA Solar Rebate.
What “Free Solar” or “Getting paid to Go Solar” means is you will very likely be paying equal to or less each month for your solar loan compared to what you are already paying for electricity.
For Example:
The average solar loan is paid off in 15 years. The average solar customer saves $25,000 in 25 years of having solar compared to what they would have paid the utility company. (Source: Forbes https://www.forbes.com/home-improvement/solar/how-much-solar-panels-save/ )
As electricity rates increase about 3% a year solar loans do not increase. Solar owners save more each year by not paying the utility as they are producing energy from owning a solar system.
Example $117 electric bill increasing at 3% annually
NY Solar Incentives Available:
- State Income Tax Credit (aka Solar Energy System Equipment Credit)
- Property Tax Exemption
- Sales Tax Exemption on Solar Energy Systems
- NYSERDA Rebate (aka NYSUN)
- Affordable Solar Rebate - for households earning less than 80 % of the median income in the area.
- Federal Income Tax Credit (AKA Residential Energy Credits)
