Latest Data Shows Solar Incentives are Helping to Drive Industry Growth
Solar incentives can help you to get connected to solar power in New York. Incentives come in the form of direct benefits, like the NYSERDA incentive that is taken off the top of your solar bill. They can also come in the form of tax credits, like the Federal tax credit and State income tax credit.
You’ll find that your New York solar installation is significantly more affordable when you factor the incentives in. Current solar power incentives also have an impact on the wider industry, and the latest data shows that they are helping to drive growth.
What Do the Latest Reports Say?
According to a recent report from the Solar Energy Industries Association, government policy is contributing significantly to growth in the solar market.
The Inflation Reduction Act of 2022 created funding for residential solar tax credits, as well as credits for manufacturers who develop infrastructure in the United States. Since it was passed, there have been 51 new solar manufacturing projects announced, including projects from major manufacturers like Q Cells and Maxeon. With increased manufacturing in America, supply chain constraints will be eased. Domestic factories will also help to create better pricing stability, while also feeding tens of thousands of jobs into the economy.
By 2026, it’s expected that America will have more than 17x its current solar panel manufacturing capacity.
This is significant considering that most of the solar panels used in America are imported. That will change over the next decade. Just as solar power in New York creates energy independence for homeowners, solar incentives will create more solar energy independence for the entire industry, without relying on imports.
The benefits of the Inflation Reduction Act will be long-lasting. Funding should last until around 2033, providing that Congress doesn’t make any major changes to existing laws. It’s unlikely that this would happen, especially considering how popular solar power incentives have been for homeowners, solar installers, and solar manufacturers.
How do Solar Incentives Benefit Your New York Solar Installation?
Incentives can be used to reduce the real amount that you pay for solar. An incentive like the one provided by NYSERDA is a direct deduction that comes off your solar bill, based on the size of your installation. Others like tax credits come as the tax year rolls around, but they can be used to great effect by applying them to your solar financing.
Financing can be split into two loans. The first will be interest-free and based on the total value of your expected tax credits. You pay this one once the credits roll over. The second loan will be a standard term loan that can be customized so that repayments fit your financial situation.
Best of all, you don’t have to put any money down for your New York solar installation. This probably wouldn’t be possible if we didn’t have such a robust lineup of State and Federal incentives.
New York Power Solutions Will Help You on Your Solar Journey
You can connect to solar without any risk or uncertainty. New York Power Solutions will provide a detailed estimate as well as a cost/benefit comparison so that you can see how solar will produce savings and a return on your initial investment.
Start with a free estimate from our team. We’ll take you through an energy savings evaluation and will determine the solar incentives that apply in your case. Switching to solar is a significant money saver and one of the best financial decisions that you’ll ever make.