If you’ve been researching solar energy, you may have heard rumors about customers qualifying for free solar panels in NY. Are these rumors true? Is there really such thing as free solar panels?
Well, almost. While it’s true you can finance your solar panels with a lease or loan and have the panels installed for $0 down, you do need to pay off the lease or loan in the coming years.
Fortunately, thanks to the power generated by your new solar panels, your utility bills drop substantially. Then, the required monthly lease or loan payment (combined with any residual electric bill you may have) is usually notably less than what you paid on utility bills prior to going solar.
This ability to save money from day one without making an upfront investment is what has everyone in Rockland and Orange County talking about free solar panels in NY! If this sounds like something you’re interested in, learn more about $0 down financing and how to lower the total amount you owe on your solar panels in the long run.
$0 Down Financing
While anyone who wants to go solar can make an upfront purchase, this option is cost prohibitive for many people. Just like buying a car, some people may have the funds to purchase the investment upfront, but most people take out a lease or loan. Learn more about these options to decide which one is right for you.
Lease Your Solar Panels
There’s no easier way to get started with solar than to lease your panels. With this $0 down financing option, you essentially offer your home as a site to generate electricity. The solar installer does all the work and retains ownership of the panels. This means if they ever need a repair, the installer takes care of it for free.
To get started, you simply need to qualify for a lease – which includes owning your home – and sign a 20-year contract. You agree to pay a fixed monthly lease rate for access to the power generated by your solar panels. This rate is consistent and predictable, regardless of how much energy your panels produce.
Take Out a Solar Panel Loan
As with a solar lease, a loan lets you get started for $0 down, but this way, you obtain ownership of the panels. This makes your investment a more permanent fixture on your home. As an added bonus, you have access to solar incentives that bring your total loan amount down. Your solar installer can help you qualify for the most incentives possible.
To get started, you take out a 5- to 20-year loan with no down payment required. You gradually pay off this loan with monthly payments that usually total less than what you once paid on your electric bill. Long after you pay off the loan, you continue to enjoy the energy produced by your solar panels.
Solar Incentives to Keep Solar Panel Costs Down
If you opt for a loan or upfront purchase, you should learn about the incentives available to help lower the total investment amount. Here are the most popular incentives available to homeowners in Rockland and Orange County.
New York Solar Energy Rebates
As solar power becomes more accessible, The New York State Energy Research and Development Authority (NYSERDA) has set a goal: reach a total installation of 3.175 gigawatts (GW) of solar panels by 2023.
To help reach this goal, the NYSERDA is offering cash rebates to New York businesses and homeowners in the amount of $400 per kilowatt (kW) up to 25kW. If you install an average-sized residential solar array of 5kW, this entitles you to a $3,500 rebate.
To find out if you qualify for even more incentives than this, visit the New York State website. Also, keep in mind that rebate amounts will gradually decline as we get closer to 2023. Therefore, the sooner you pursue your free solar panels in NY, the more you’ll save.
The first major tax credit available is from the federal government in the amount of 30% of the purchase and installation cost with no upper limit. This amount is calculated after rebates are subtracted from the total upfront cost. If you want to benefit from federal tax credits, act fast – they’re set to expire in December 2016.
The other tax credit is from New York State in the amount of 25% of the purchase and installation cost with a $5,000 upper limit. This tax credit is also applied after rebates are taken out of the total. You must remain grid-tied and net metered to qualify. These tax credits currently have no expiration date.
Are you ready to pursue your free solar panels in NY? Then speak with a New York solar installer today!