Net Metering in New York Keeps Solar Affordable
This month the White House confirmed that it would hold any solar panel tariffs on products arriving from Malaysia, Vietnam, Cambodia, and Thailand. While an investigation is still ongoing regarding tariff avoidance, you can have confidence knowing that your installation in 2022 won’t be affected. It’s a significant move from the government, ensuring that solar power in New York remains affordable. And, it only helps to remind us of the fact that there are several consumer-friendly programs backed by the government. Net Metering in New York is one particularly important example.
With Net Metering in New York, you can get paid for the energy that you export to the grid. If you’re thinking about having a New York solar installation, learning about Net Metering can help you to make the right decision.
What is Net Metering in New York?
Net Metering is a process for tracking the energy you import and export. But more than that, it’s a way to ensure that you are compensated for your contribution to the grid.
- During the day, your solar panels will typically produce more than you consume. The excess will be exported to the grid and your meter will spin in reverse.
- At night when panels shut down, your meter will spin forward.
- With every meter reading, the net difference will be calculated. So if you export more than you import, the net amount will be added to your account as a credit.
- This credit can be used on future bills if you import more than you export. It can come in handy when there are periods of low solar production due to poor conditions outside.
- At the end of the year, if there are credits left in your account, you will receive a check from your utility company.
Net Metering in New York compensates solar homes for their investment in solar. It’s key to generating a return on your investment from solar. Because solar production varies throughout the year, Net Metering helps to balance out the bills.
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You Can Also Benefit From Solar Tax Incentives for Solar Power in New York
Net Metering in New York is a program written into legislation. And there are other ways that the state and federal governments can help with solar power in New York.
If you’re in New York City, you can apply for a property tax abatement based on your solar system. You can claim 5% of the cost of your system over four years. That’s essentially a 20% discount on your solar installation.
The State also offers incentives from NYSERDA that are taken off the top of your bill and paid to the contractor. You’ll get a smaller bill for solar power in New York, and all of the paperwork will be taken care of by our team.
The federal government also offers a residential solar tax credit. You can get a credit worth 26% of the cost of your system on your personal income tax.
If you’re eligible for solar tax incentives, we’ll work these into your financing. You can get no money down solar financing with New York Power Solutions. An initial interest-free period is based on your tax credits. After this period, you’ll pay a low rate over a term of your choosing.
Book Your New York Solar Installation with New York Power Solutions
It’s great to see that the White House has taken initiative on the issue of solar panel tariffs. It will help to ensure that New York solar installations stay affordable while our domestic solar panel industry catches up.
You can get competitive pricing and the best service from New York Power Solutions. Get your free quote for NY solar, talk to one of our expert consultants, and see how solar with Net Metering in New York could be one of the best investments you ever make.