With skyrocketing electric bills and a troubling climate crisis on our hands, there’s never been a better time for New York residents to invest in sustainable solar power. Those aren’t the only reasons for going solar, either. Read on to find out the top five reasons for going solar.
Save the Environment
Most homeowners are quick to think about the financial benefits of solar, but one of the most important reasons to invest in solar is the effect you’ll have on the environment.
Annual carbon dioxide emissions in the U.S. are 17.9% – right behind China. That’s not a great statistic. On the positive side, though, the average residential solar system offsets nearly 100,000 lbs. of carbon dioxide in 20 years – that’s the equivalent of the emissions put off by a car after driving 100,000 miles.
Investing in solar is an excellent way for New Yorkers to cut the use of these dangerous greenhouse gas emissions with clean electricity from solar panels.
Save Thousands of Dollars
Back to the primary reason that homeowners invest in solar power systems: financial savings. According to One Block Off the Grid, adding solar panels to your home can save the average homeowner well over $100 per month on your electric bill – and for New York residents, that number can be double, or even triple. Monthly, that might seem like a small amount, but over the span of two decades, you can save nearly $30,000 – or, in New York, where utility electricity rates are among the highest in the nation, between $60,000 and $120,000.
Increase Your Home’s Value
Investing in solar panels won’t just save you money on your electric bill – it’s also a surefire way to increase your home’s value. Solar panels don’t just translate into lower energy costs – they also mean lower property taxes and the intrinsic value of having a more sustainable property.
A study by the National Renewable Energy Laboratory (NREL) showed that properties featuring solar panels sell 20% faster and for 17% more than homes without solar. The U.S. Department of Energy’s (DOE) Lawrence Berkeley National Laboratory’s findings were the same – the final sale price of the average home increases $17,000 when solar panels are added to the property.
With No Money Upfront
Getting all this value doesn’t require a massive upfront investment, either. New York Power Solutions is installing these systems with no money out of pocket. Their array of smart solar financing options make it easy to save thousands and not take a dollar out of your pocket
You may have heard about companies offering solar leasing, which allows homeowners to lease solar panels from a company for no money down. If you qualify for Federal and State Tax Credits, you could lose a ton of money by leasing. Instead go for a 12 year, no money down finance and enjoy FREE electric long after you are done making payments! Whether or not you are eligible for tax credits, you have other options to save.
There are Plenty of Incentives
The federal government is trying to help homeowners who install solar with significant tax rebates for sustainable installations. The Federal Solar Tax Credit gives you 30% of total system costs back – including on equipment and installation- in tax credits. This means if your system is worth $25,000, you’ll save $7,500 in taxes.
New York State also offers some great solar incentives. Up to $5,000 off your NYS taxes and the Megawatt Block Incentive(.30 cents a watt ) from NYSERDA.
Combine all of these and the total cost of a solar installation can be cut in half.
Going solar has never been a better idea. You can save money – and help save the planet – all in one go. Plus, there’s never been more financing options and incentives to get your solar system up and running. To see how much you can save, and for all other solar questions, get in touch with New York Power Solutions. We can help answer all of your solar questions and get your solar system going in no time!