There are several renewable energy strategies to help New Yorker’s maximize their solar ROI. Solar energy systems can be a significant investment. Luckily, there are dozens of ways to maximize your solar return and offset installation costs. These solutions can help you design highly-efficient solar systems with reduced installation expenses. Before you buy solar panels in New York, there are several maximization techniques to familiarize yourself with. If you are interested in the top clean energy strategies that maximize your solar investment, read on to learn about how to maximize your solar panel ROI New York.
New York Net Metering
In order to maximize your NY solar panel ROI, participate in net metering program. Net metering programs help solar panel owners maximize their system performance. In many cases, solar systems produce more energy than they consume on a daily basis. When your system produces excess solar energy, you can send it back to the grid through the net metering program. Utility companies can than access this excess solar energy for various purposes. In exchange, you receive energy credits that offset the price of your electricity bills. When you frequently accumulate energy credits from the utility, you can largely offset the cost of your solar investment, and boost your total ROI.
Select Efficient Solar Panels
You need to select efficient solar panels in order to maximize your renewable energy system ROI on your NY property. Solar panels are an essential component of your clean energy system. The panels you select largely determine the overall efficiency of your system. In order to see the best performance results, you need the best type of solar panels. Currently, monocrystalline solar panels are some of the most efficient options available. Monocrystalline solar panels provide a high efficiency rate coupled with a long lifespan. At the same time, polycrystalline solar panels provide comparable efficiency standards at lower prices. In order to maximize the return of your NY clean energy system, select efficient solar panels to enhance your performance.
Apply For NY Solar Incentives
When installing your renewable energy system in New York, you likely qualify for several solar incentives. These New York solar incentives can help you significantly offset installation costs and maximize your ROI. NY residential properties qualify for a personal tax credit on their systems. This incentive credits New Yorkers’ for 25% of their total system costs, with a cap at $5,000. At the same time, all solar electric and solar hot water systems installed in New York are fully exempt from sales taxes. On significant solar investments, these NY tax incentives can help you largely increase your system ROI.
Take Advantage Of Federal Tax Credits
Be sure to take advantage of federal solar tax credits in order to maximize your system ROI. Federal solar tax credits are essential to helping NY property owners offset installation costs and maximize overall ROI. Most prominent, is the Federal Investment Tax Credit (ITC). As of 2020, this tax credit covers the taxes for 26% of your total system costs. However, in 2021, the federal credit is reduced to 22%. Again, in 2022, the credit falls to 10% for commercial businesses, and is no longer available for residential properties. That being said, New Yorkers’ looking to maximize their solar ROI need to install their systems soon.
Optimize System Configuration
Optimized system configurations help New York property owners maximize returns on their solar investments. One of the best ways to achieve system optimization is by working with experienced solar installation professionals. Installation companies provide a comprehensive solar consultation to analyze your renewable energy capabilities. Experienced professionals can help you locate your panels away from the sun, optimize your tilted angle, and help you design the best panel array. Work with solar installation professionals in order to achieve optimized system configuration and improve your solar ROI.
There are several renewable energy strategies to help New York property owners maximize their clean energy ROI. With solar panels equipped, there are several ways to reduce your electric costs and maximize clean energy ROI. One of the most popular strategies is to participate in the New York Net Metering program. At the same time, you need to design your system array with highly efficient solar panels. Take advantage of the Federal Investment Tax Credit, as well as NY state solar incentives. Furthermore, be sure to optimize your system configuration with the help of experienced solar installation professionals. Consider the points mentioned above to learn about how to maximize your solar panel ROI New York.