Making Solar Affordable: What is Net Metering Solar?
Solar power in New York is known as a clean and affordable alternative to taking your electricity directly from the grid. But even with a New York solar installation, you’ll still use the utility company when your panels shut down. The electricity you take from the grid is offset by the electricity that you give back to it. And, you can even get paid for it with net metering solar.
What is net metering solar, how does it work, and how does it keep solar affordable for your family?
Affordability is Key to Solar Power in New York
In addition to being more affordable, solar is an important aspect of decarbonization. America is aiming to dramatically reduce its carbon output, which means that we need to transition away from the combustion of fossil fuels. Home solar can significantly offset the environmental impact of a growing and energy-hungry population.
The Department of Energy announced an expansion to its SolSmart program at the end of May. This program aims to help underserved communities with solar projects. The focus is on rural communities and those with low or moderate incomes.
This will make solar affordable by putting funding into larger community projects and shared solar facilities. But for the average homeowner in New York, these kinds of projects either aren’t available or aren’t feasible.
Will you miss out on the benefits that are offered to underserved communities? No, but your benefits with solar power in New York will look a little different.
Net Metering Solar is One Way to Make the Switch Affordable
In New York, you can sign up for net metering solar to receive direct benefits for having panels on your rooftop. Net metering creates month-to-month savings.
When you get your New York solar installation, our team will engage with your utility provider to have a net meter installed. This special meter spins both ways. When you take electricity from the grid, it goes forward. When you export electricity, it reverses.
You’ll only pay for the net amount of electricity consumed, which is the difference between what you import and export.
- If your New York solar installation generates more than you consume in a month then the excess will be exported and your meter will be positive. The difference is applied to your bill as a credit.
- If you consume more than you export in a month then the difference will come from your credit bank first, before you are billed.
- At the end of the year, any leftover amount in your credit bank will be returned to you in the form of a check. Imagine getting paid by the utility company! Only solar makes it possible.
Net metering is the most effective way to make solar fair and affordable. Throughout the year, solar production varies depending on the weather and the sunshine hours. Net metering offsets the difference for the periods where you consume more electricity than you produce. Depending on how many solar panels you have installed, there will be times when you get nothing but a hookup charge on your electric bill.
You Can Get Affordable Financing for a New York Solar Installation
There are also benefits available with tax incentives and direct incentives for New York solar installation. If you’re in New York City, you can claim up to 20% of the cost of your solar installation with four years of 5% abatements on your residential property tax. The state also offers a tax credit program, as does the federal government.
Some benefits are paid directly to the contractor and are deducted from your bill.
Of course, you can finance your solar installation and with New York Power Solutions you can get no money down finance with an initial interest-free period, based on your tax credits.
It’s Easy to Switch with New York Power Solutions
Some communities need more help to get access to solar, but this doesn’t leave the average homeowner out in the cold. With New York Power Solutions, you can get solar with affordable financing tied into the generous tax credits that are available. Net metering solar is another benefit that helps you to save money and generate a return from solar. Don’t wait to make the switch. You can start with your free estimate from New York Power Solutions today.