NY-Sun is New York State’s solar program, which was created to make solar energy more accessible and affordable for homeowners, businesses, and communities across New York state. It offers financial incentives, technical assistance, and other resources to help New Yorkers make the switch. The program also offers affordable options for purchasing and installing solar panels for home energy use. Contractors have been pre-selected for the program, and will provide lower rates to homeowners, with varying prices throughout the state.
Benefits of Using Solar Energy
- Solar energy lowers your energy bills by reducing the amount of electricity you get from “the grid” or power grid. The only way you will pay for electricity is if you use more than what your solar panel system has generated for the month. Additionally, if you have excess electricity at the end of the month, it will be taken off your next electric bill.
- Solar will reduce the presence of air pollutants which can cause serious problems in the long run. They also assist in stopping climate change by reducing carbon dioxide and greenhouse gases.
- Homeowners using solar panels for energy receive significant credits for local, state, and federal taxes.
The Two Solar Installation Options
- Home Installation – Depending on the conditions on your property, panels are mounted either on the roof of the home, or to the ground. Rooftop solar panels not only offer an efficient way to harness sun power, they add a layer of protection to the surface they reside on.
- Community Solar – For those whose homes are not ideal for solar panels. These projects are an array of panels in a sunny and offsite location near your home, allowing you to benefit without installing them on your home.
Three Ways to Pay for Solar
- Leases. A scheduled monthly payment can be made to the developer who owns and installed the solar electric system. Typical lease time is 15-20 years.
- Power-purchasing Agreements (PPAs). This allows homeowners to buy the energy generated by the solar electric system that is owned and installed on their property by a solar financing company. Homeowners who prefer to avoid upfront costs and maintenance responsibilities will choose this option.
- Loans. Customers can borrow money from a lender or solar developer in order to have ownership of their solar electric system, and pay into it in multiple payments.
The New York State Research and Development Authority (NYSERDA) also offers homeowners the opportunity to finance their renewable and energy efficiency projects. Their loan options include:
- On-Bill Recovery Loan
- Smart Energy Loan
- Renewable Energy Tax Credit Bridge Loan
These loans offer reduced interest rates to low-income individuals and those who may not meet the requirements for conventional financing.
Final costs will depend on factors such as the size of your system, site conditions, the equipment chosen, and your preferred method of payment. You can get price quotes from participating contractors to determine the most suitable cost and purchasing approach for your home.
How Do Homeowners Begin the Process?
The first step in the program is locating a participating contractor in your area. They will:
- Inspect your location to determine the best system size and panel placement options.
- Assist with incentive application paperwork, including financing options.
- Install your system and submit all paperwork to NYSERDA on your behalf.
