Benefits of Solar Energy
Solar energy provides numerous advantages that will enhance your home for years to come.
- Lowered energy bills: You can dodge the premium cost of grid-tied power by producing some electricity right where you use it. Plus, many states provide net metering which can allow you to sell your unused energy back to credit part of your bill.
- Reduced carbon footprint: Utilizing solar is a surefire way to reduce your carbon footprint and home fossil fuel dependency.
- Better energy independence: Adding a battery storage system lets you have reliable energy during grid outages and storms.
What Solar Incentives Are Available to Greece Homeowners?
New York homeowners who upgrade to solar could qualify for tax credits, reimbursements, special financing and rebates. Here are just a few of the region's incentive offerings.
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: 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: Rebate Program
Website: nyserda.ny.govIncentive Amount:
Tier I: 10,000 kWh of expected annual energy production: $3.50/annual kWh
Tier II: 10,000 kWh - 125,000 kWh of expected annual energy production: $1.00/annual kWh
Tier III: 125,000 kWh - 1,000,000 kWh of expected annual energy production: $0.30/ annual kWh
Tier IV: Greater than 1,000,000 kWh of expected annual energy production: $0.15/ annual kWh
These incentives are additive.
Incentive Type: Performance-Based Incentive
Website: nyserda.ny.govIncentive Amount:
- Capacity Incentive: Varies on the construction and design of the system
- Performance Incentive: $0.025/kWh production payment for new systems for up to 10 years (estimated using a capacity factor of 75%)
- Interconnection Incentive: up to 75% of the costs exceeding $5,000
- Project Enhancement Incentives: Available for Black Start Capability, Hydrogen Sulfide reduction, design for accepting food waste and others
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 Greece
Choosing a company is the first step toward a well-oiled and cost-efficient solar system. Consider all of these factors in your service provider search.
Licensing and Training
New York regulators do not issue licenses to contractors, so you should check with your city or county government for its specific regulations and requirements. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most credible trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Greece
The kind of solar panels you purchase decides how much electricity you can produce. Monocrystalline panels and high-quality and cost more but give you the best performance. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't the best for large residential installations, but they are excellent accessories for non-traditional roofs.
If you want to charge an electric car or use your solar power in dark weather, you can pay extra for add-ons. By choosing the right components, you can make your panel array more efficient and user-friendly. Not all solar providers include these extras, so look for a provider that sells them if it's a priority for you.
If you're a resident of Greece and want a five-kilowatt solar energy system, you could expect to pay about $18,250 for materials and labor. See more information on specific component and solar panel costs in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,177 |
Solar Polycrystalline | $918 |
Thin-Film | $537 |
Solar Battery | $753 |
Solar Home EV Charger | $2,824 |
Financing Solar Energy in Greece
There are a plethora of ways to pay for new solar panels, and the right one will reduce your expenses. A few of the most common options include loans, power purchase agreements (PPAs), cash payments, and leases. We advise making a cash payment or using a solar loan for the best return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also have full ownership of your system and can apply for solar panel incentives to minimize your total costs. Solar loans are another solid option if you don’t want to make a big initial investment. You can pay for your system in installments while still benefiting from energy bill savings and solar incentives. However, you’ll pay more in total due to accruing interest. Solar leases let you rent your panels for a fixed monthly rate, while PPAs let you pay just for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for providers that offer multiple payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Greece.
A 26% federal solar tax credit applies to new home solar systems purchased through 2032. Additional incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
Solar System Capacity | Estimated Payback period |
---|---|
1 kW | 2.6 years |
2 kW | 5.1 years |
5 kW | 12.9 years |
10 kW | 25.7 years |
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Frequently Asked Questions About Solar in Greece
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Greece?
Will solar panels raise my Greece home worth?
Could I still use solar power if I live in a dark, wooded, or rainy area?
What can I do to assess my home's solar viability?
Is solar installation a quick job?
What are some "red flags" to watch for as I research companies?
- Aggressive sales pitch
- Not being straightforward about credentials and training, warranties, cost and references
- Limited or no customization
- Not thoroughly inspecting your site
- No business filing with your local secretary of state
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