There are several ways NYSERDA home solar rebate program finances energy systems. Notably, the New York State Energy Research and Development Authority (NYSERDA) promotes energy efficiency and use of renewable resources. Specifically, NYSERDA offers solar incentive programs through the NY-Sun initiative in an effort to make renewable energy more accessible. As a New York property owner, you need to know how you can take advantage of NYSERDA’s home solar rebates and financing options to pay for your rooftop solar installation Westchester NY. This way, you can lower your rooftop system cost and find a payment method best-suited to your needs. Read on to learn about how NYSERDA home solar rebate program finances renewable energy systems.
Megawatt Block Incentives
First, NYSERDA’s home solar rebate program offers the megawatt block incentive to increase your solar savings. Notably, this program provides an up-front dollars-per-watt rebate for residential solar systems. The highest incentives available through the program are about $1 per watt. However, it will eventually fall to $0.15 per watt because the program operates on regional demand. Indeed, NY state is divided into three geographic/utility districts. In each district, the Megawatt Block incentive reduces solar costs based on the associated regional caps. For example, a region might have a 40MW cap with a $1 per watt incentive. Once the cap is reached, the incentive moves on to the next block, which usually has a lower incentive. Since this program is based on solar demand, it is better to invest in your solar system sooner to maximize your NYSERDA rebate savings.
Residential On-Bill Recovery Loans
Next, the on-bill recovery loan is another NYSERDA home initiative to help pay for your solar system. Importantly, this allows you to add your solar expenses and installation costs to part of your utility bill. Then, you are required to repay the investment through the charge on your monthly electric bill. Typically, the upfront capital for the investment is provided by a third party, instead of the utility. In addition, utility companies usually have an established billing relationship with their customers, as well as access to their energy usage history. Therefore, ask solar energy contractors Morris County and other areas about NYSERDA’s residential on-bill recovery loan.
Smart Energy Loans
In addition, the NYSERDA home solar rebate program also offers smart energy loans. Typically, these loans are valued up to $13,000, with a minimum amount of $1,500. Additionally, you can access up to $25,000 in funding if the simple payback is less than 15 years. To calculate this, divide the loan amount by the first year of estimated energy cost savings. Importantly, smart energy loan terms can last 5, 10, or 15 years. Moreover, the term cannot exceed the expected useful life of your rooftop solar system. To apply for this loan, you must be a homeowner. Furthermore, you need to make repayments through NYSERDA’s loan servicer using monthly statement billing or automatic bank withdrawal (ACH). Absolutely, smart energy loans are a great NYSERDA financing program to help you pay for your solar system.
Companion Loans
Moreover, NYSERDA also offers companion loans to help you pay for your solar system. Typically, you can use these in conjunction with the on-bill recovery or smart energy loan. Importantly, the companion loan allows you to access additional funding for projects that exceed the $25,000 cap on those loans. Like the smart energy bill loan, you typically repay via ACH or check. Usually, you can get a loan amount from $1,500 to $25,000 with loan terms of 5, 10, or 15 years. To apply for NYSERDA’s companion loan, ask roofing contractors Rockland County NY for assistance. Often, they have experience filling out the application to get you approved. Definitely, companion loans are a great NYSERDA home solar financing option.
Solar For All
Furthermore, the NYSERDA solar rebate program offers an initiative called solar for all to make renewable more accessible for home owners. Through this program, eligible New York residents can lower their energy costs by utilizing community energy from grid-connected solar farms. Typically, you will see a $5 to $15 credit on your monthly electric bill once you are assigned to a solar project. Over a year, some homeowners can save up to $180 on their electric bill. Plus, the application is free for individuals who meet specific income requirements. Of course, to lower your residential energy costs significantly, you should invest in your own rooftop solar system. Nevertheless, NYSERDA’s solar for all credit program is a great way to access smaller amounts of reusable energy.
There are several ways NYSERDA home solar rebate program finances renewable energy systems. First, the megawatt block incentive offers a great program to reduce electric costs based on regional solar demand. Next, you can apply for the residential on-bill recovery loan to streamline your installation payment process. In addition, smart energy loans are another great financing option to help pay for your solar system. Moreover, you can use the companion loan with the on-bill recovery or smart energy loan to access more funding if your system is over $25,000. Furthermore, NYSERDA’s solar for all program credit program is a great option for moderate to low income home owners to access supplemental solar energy. Apply for these NYSERDA home solar rebate programs to finance your renewable energy system.
