Some States are Losing Their Net Metering Benefits
Net metering states provide benefits to homes with solar panels, helping to offset the cost of the system and increase the return on investment. Solar power in New York is covered by net metering, but some states are already losing their benefits.
Indiana is the latest of the net metering states to reduce the financial benefits of solar. A law created in 2017 is coming into effect, cutting the income that some users generate from exporting energy back to the grid.
How Indiana’s Law Changes the Landscape for Net Metering States
The Senate Enrolled Act 309 is an Indiana law that exempts private electric utility companies from providing 1-to-1 net metering benefits to their customers. This law applies to some of the largest utility companies in the state and will affect a significant number of customers.
While customers can still receive some rebates from net metering, they won’t be as lucrative as before. Solar will still provide a return in most scenarios, but it will take longer for systems to pay off.
This adds to a trend among net metering states where government benefits are slowly tapering off. Even the federal tax incentive to install solar is threatened. It covers 26% of the cost of a solar system in 2022, but will significantly fall in 2023 before funding runs out in 2024.
The picture is clear. If you are considering solar today, even in a solar-friendly state like New York, now is the time to act. Government-backed incentive programs might not be around forever. The sooner you install solar, the more financial benefits you will enjoy.
Can You Get Net Metering with Solar Power in New York?
Currently, you can still enjoy net metering with solar power in New York. The energy that you export during the day will create credits on your utility account. This will offset the usage in the evening when your New York solar installation shuts down.
There are also benefits like a state tax credit, the previously mentioned federal credit, and even a state rebate applied to your initial bill, based on the size of your system.
Due to the current laws in place, solar power in New York is surprisingly affordable, especially when considering inflation and the rising cost of electricity in the state.
New York Solar Installation Within Reach with No Money Down Financing
You can finance your New York solar installation with no money down. New York Power Solutions provides split financing. The first loan is covered by expected tax credits and you can pay it once you receive these. The second loan covers the rest of the bill, and you can choose the term.
Through our partners, we offer competitive interest rates. We will help you by designing a financing package that suits your budget.
We are passionate about solar. A New York solar installation can provide significant financial and environmental benefits. Ultimately, we want every customer to be satisfied with the switch, which is why we make it more convenient and more affordable to get started.
A Free Estimate is the First Step with New York Power Solutions
You can get a completely free solar estimate from New York Power Solutions. Using satellite data, we’ll provide a ballpark figure for your installation. From here, we can proceed to a site visit with a detailed analysis and consultation. We’ll even provide you with a report comparing the cost and the benefits so that you can make the right decision.
We provide the information. You make the choice.
New York is one of the best net metering states. You can enjoy significant savings over the lifetime of a solar installation. Trust the leading installer and get started with New York Power Solutions today.