Solar for Home Costs – Are they Worth the Savings?
For anyone following the news, it’s hard to ignore the articles surrounding the savings that are available with solar. Major networks have been running countless stories about solar since the Inflation Reduction Act of 2022 was signed earlier this year. While many stories focus on efficiency, most are concerned with solar for home costs. Forbes recently ran a story asking: how much do solar panels save the average homeowner? According to Forbes’ data, solar saves the average homeowner $1,574 per year, and the system pays for itself within the first eight years. Of course, these average figures aren’t going to apply to every family that gets solar power in New York. Some families will save a lot more, some a little less. Solar for home costs are determined by the size of the system, the consumption of the household, and the incentives available at the time of purchase. Interestingly, Forbes’ data doesn’t consider the recent changes at the federal level. With the Inflation Reduction Act of 2022, homeowners can now claim a 30% federal tax credit on the cost of a solar system.
Solar Power in New York Cost and Return on Investment
The true solar for home cost depends on how you intend to use your solar, and the size of your system.
In most cases, the solar for home cost will be offset by the savings provided. So, even though solar costs a significant amount upfront, the offset in your utility billing allows you to start saving right away.
- With solar power in New York, you can export excess energy to the grid. This will spin your meter in reverse.
- When you use electricity from the grid in the evenings, your meter will spin forward as normal.
- If you end a billing month having exported more than you imported, you’ll pay nothing more than a hookup charge.
- The net difference will be credited to your account and rolled over to the next bill. If you end the year with credits, your utility company will pay you with a check.
Net Metering is one of the main ways that solar power in New York can save you money. There are also other financial advantages.
- If your home is in New York City, you can claim a tax abatement on your residential property tax.
- You can claim back part of the cost of your system as a state personal tax credit.
- With New York Power Solutions, you’ll get a direct incentive from the state government, based on the size of your system. This will come off the top of the bill.
Solar power in New York is an excellent investment. Because solar panels last an average of 25-30 years, the return on investment can be significant.
You don’t need to pay for everything upfront. We offer solar financing with no money down.
Honest Savings Assessments for New York Solar Installation
You can determine your potential savings before you put any money into your New York Solar Installation.
We provide free estimates. We also offer every customer an energy savings assessment and cost/benefit analysis. You won’t go into your contract unsure. You’ll know how much you could save, allowing you to make the right decision.
We provide the information. You make the choice. That’s the difference with New York Power Solutions.
Get a Solar Estimate from New York Power Solutions
Get your free solar panel estimate today and learn the solar for home cost in your unique scenario. Solar power is one of the greatest investments you can make in your home. In terms of the return on the investment, nothing else even comes close.