Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Lowered energy bills: You can dodge the added cost of grid-tied power by creating some electricity right where you use it. Plus, many states offer net metering which can allow you to sell your unused energy back for credits on your bill.
- Better energy independence: Solar panel systems can keep your home powered through blackouts and emergencies, giving you additional security. You can use your solar energy anytime with an optional battery storage system.
What Solar Incentives Are Available to Mount Vernon Homeowners?
New York's public agencies and power companies offer several solar incentives to help minimize your solar system costs. Below is a breakdown of available 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: 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 Mount Vernon
The more thorough your provider search is, the better your photovoltaic system will ultimately operate. Consider all of these aspects in your company search.
Licensing and Training
New York state does not issue licenses to contractors, so you should check with your county or city government for its specific requirements and regulations. Solar installers can also pursue accreditations from trade groups and standards organizations. The most prestigious ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Mount Vernon
The type of solar panels you choose decides how much energy you can generate. 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.
Additional system add-ons, such as battery storage and electric vehicle (EV) chargers, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor includes these add-ons, so look for a contractor that installs them if it's important for you.
If you're a resident of Mount Vernon and want a five-kilowatt solar energy system, you could expect to pay about $18,250 for parts and installation. See more information on specific component and solar panel costs in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,206 |
Solar Polycrystalline | $941 |
Thin-Film | $550 |
Solar Battery | $772 |
Solar Home EV Charger | $2,895 |
Financing Solar Energy in Mount Vernon
There are various ways to pay for new solar panels, and the right one will reduce your expenses. A few of the most common options include loans, leases, cash payments, and power purchase agreements (PPAs). Though it requires a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the next best option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable 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) permits you to pay a monthly rate based only on the energy you use, as with an electric bill. We usually don’t recommend these two options because you won't own the system and cannot use solar incentives. Look for installers 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 Mount Vernon.
A 26% federal solar tax credit applies to recently-purchased solar equipment purchased through 2032. Extra 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 Mount Vernon
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Mount Vernon?
Should I expect a boost in my property value after adopting solar power?
Could I still use solar power if I live in a rainy, wooded, or dark area?
How long does the photovoltaic installation process last?
What is the average payback period for Mount Vernon solar panels?
How does "net metering" work, and do I need to participate?
Some states or power companies mandate you to participate in net metering when installing your solar system, while others give you a choice. Either way, once you participate, you'll get a check or bill credit for your excess generation at a wholesale or retail rate.
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to "buy out" of the contract for a fee.
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