Benefits of Solar Energy
Solar energy comes with multiple benefits. Let's look at a few of them.
- Lowered energy bills: You can avoid the premium cost of grid-tied power by producing some electricity right where you use it.
- Better energy independence: Adding a solar battery lets you have trustworthy energy during storms and grid outages.
- Reduced carbon footprint: The sun is the universe's most abundant clean energy source, meaning you can reduce or eliminate your home's dependence on fossil fuels.
What Solar Incentives Are Available to Babylon Homeowners?
New York agencies and electric companies offer numerous solar incentives to help reduce your solar system costs. Here's a breakdown of applicable solar programs where you live.
Incentive Type: PACE Financing
Website: nyserda.ny.govIncentive Amount:
Locally determined
Incentive Type: Personal Tax Credit
Website: tax.ny.govIncentive Amount:
25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year
Incentive Type: Corporate Tax Credit
Incentive Amount:
$0.01/gallon for each percent of biodiesel
Incentive Type: Loan Program
Website: ny-sun.ny.govIncentive Amount:
Residential Customers: $1,500 - $25,000
Small Business and Not-for-Profit Organizations:
Participation Loans: up to $100,000 (at low interest rate)
On-Bill Recovery loans: $50,000 at 2%
Incentive Type: Sales Tax Incentive
Incentive Amount:
100% exemption
Incentive Type: Sales Tax Incentive
Incentive Amount:
Upon local authorization, 100% exemption from local sales tax
Incentive Type: Sales Tax Incentive
Website: tax.ny.govIncentive Amount:
100% exemption from state sales tax
Incentive Type: Property Tax Incentive
Website: tax.ny.govIncentive Amount:
Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level
Incentive Type: Property Tax Incentive
Website: tax.ny.govIncentive Amount:
100% of the value added to the residence by the improvements
Incentive Type: Property Tax Incentive
Website: tax.ny.govIncentive Amount:
100% exemption for 15 years (unless local jurisdiction has opted out)
Incentive Type: Rebate Program
Website: ny-sun.ny.govIncentive Amount:
Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are:
Residential:
Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.30/W
Upstate Region: $0.35/W
Low-to-Moderate income customers: $0.80/W (up to 10 kW)
Small Commercial (Non-Residential): Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.60/W
Up State Region: $0.45/W
Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW)
Incentive Type: Rebate Program
Website: psegliny.comIncentive Amount:
Appliances
Advanced Power Strips: $10 - $20
Air Purifier: $25 - $50
Clothes Dryer: $50 - $250
Clothes Washer: $50
Dehumidifier: $30
Dishwasher: $50
Exhaust Fan: $20 - $25
Electric Freezer: $30
Heat Pump Water Heater: $650
Pool Pumps: $150 - $350
Refrigerator: $50
Refrigerator Recycling: $50
Lighting
Instant Rebates Vary by Product
Bulk Light Purchases: Up to $2 - $3/unit
Cooling & Heating
Central Air Conditioning: $450
Smart Thermostat: $85
Ground Source Heat Pump: $2,000/ton
Incentive Type: Rebate Program
Website: nyserda.ny.govIncentive Amount:
Small Systems (≤ 10 cooling tons): $1,500/cooling ton
Large Systems (> 10 cooling tons): $1,200/cooling ton
Incentive Type: Loan Program
Website: nyserda.ny.govIncentive Type: Other Incentive
Website: greenbank.ny.govIncentive Type: Personal Tax Credit
Website: tax.ny.govIncentive Amount:
$0.01/gallon for each percent of biodiesel
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Babylon
Choosing a company is the first step toward a well-oiled and valuable solar array. Make your choice based on the following crucial aspects.
The style of solar panels you select decides how much power you can produce. Monocrystalline panels cost more than other options, but they generate the most power. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
If you want to charge an electric car or use your solar power in cloudy weather, you'll usually pay extra for add-ons. By selecting the right ones, you can make your panel array more efficient and user-friendly. Not all solar installers include these extras, so look for an installer that has them if it's a priority for you.
Licensing and Training
New York state does not issue licenses to contractors, so you should check with your city or county government for its specific regulations and requirements. Solar installers can also earn certifications from standards organizations and trade groups. The top ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Financing Options
There are many ways to pay for a solar energy system, and the right one will lower your costs. Though some providers offer unique payment plans, the most common are solar loans, cash payments, solar leases and power purchase agreements (PPAs). Though it requires a large up-front payment, cash is the most cost-effective choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the runner-up option. As with a car loan or mortgage, you'll pay a monthly rate towards system ownership, including interest. You can still apply for cost-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate based only on the energy you use, as with an electric bill. We typically don’t recommend these two choices because you won't own the system and are disqualified from using solar incentives. We advise working with an installer that offers multiple financing options. Ask each consultant about what's available, and obtain more than one estimate for the best odds of staying within your spending limits.
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Frequently Asked Questions About Solar in Babylon
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Babylon?
Will solar panels boost my Babylon home worth?
How long does it take to pay back a solar loan in Babylon?
How long does the photovoltaic installation process require?
What care do my solar panels need, and how frequently do they need it?
How can I boost my solar system's performance?
- optimize the panels' position with your solar installer ,
- use energy-efficient appliances ,
- regularly clean your solar panels ,
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from local banks, the government, your installer's partners and specialty lenders. You'll need to pass a credit check to qualify for most of them. While the upfront costs are more expensive and you'll be responsible for taking care of the system, you'll also have total ownership and can apply for many more benefits.
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