New York State Solar Programs – Are They Right for You?
Community solar programs can provide affordable access to clean energy without investing in a home New York solar installation. In the news this week, we can see that Honeywell has invested heavily by purchasing community solar projects in Upstate New York. This investment could provide significant advantages to communities where rooftop solar isn’t viable. However, if you’re around New York City, Westchester County, or nearby Counties, a New York State solar program probably isn’t the best option for you.
Let’s look at the solar news in detail and see why a home New York solar installation is typically more beneficial for homes around Long Island, New York City, and the Hudson Valley.
The Honeywell New York State Solar Program Deal
One of the biggest deals in solar this year is SolarBank’s sale of a 21MW ground solar project to Honeywell International. The sale is worth $41 million. Once the project is completed, residents will be able to purchase electricity from the project, without having to install solar panels on their rooftops.
This is a system known as community solar. The solar panels are installed elsewhere while homeowners purchase electricity from the project, at a lower rate than what they would pay a traditional electric utility company. This results in smaller bills, but the savings aren’t as impressive as those that can come from a fully owned New York solar installation.
How Does Private Solar Power in New York Outperform Community Solar?
The biggest difference with having your own panels for solar power in New York is that you will enjoy more significant savings. When you have solar on your roof. There will be no middleman between you and the solar energy that is produced.
You might consider it to be a downside that you have to pay for all aspects of solar installation, but this works out better in the long term.
- You don’t need to pay for your solar system outright. Financing is available with no money down and there’s even an initial interest-free period backed by solar tax credits.
- Unlike with community solar, you will generate a return on investment. Once your system pays through in savings (usually within the first ten years), all the monthly savings are yours.
- Solar can increase the value of your home, which can help if you decide in 5, 10, or even 15 years that you’re ready to move.
- Solar panels are incredibly reliable and durable. They last between 25 and 30 years in most cases.
You won’t just save with smaller bills. Having a solar home means you’ll fall under a net metering program. Any electricity you produce and don’t use will be exported to the grid, which will spin your meter in reverse. This helps to cover the electricity that you buy from the utility company in the evenings when solar panels aren’t on.
You won’t get net metering or the same level of energy independence when choosing community solar. For homeowners, privately owned solar panels are ideal.
Get All of the Details from New York Power Solutions
Being able to see your savings relative to the costs is critical. Our team will provide a free NY solar estimate, as well as a cost/benefit breakdown. This analysis will put the savings and return on investment into perspective, so that you can make the right choice.
New York State solar programs are ideal for some families, especially people who rent or live in multi-tenant buildings. If you own your own home and have sufficient roof space, then owning your own system will make more financial sense. Learn if rooftop solar is right for you by contacting New York Power Solutions today.