precise <\/a>amount of money saved will depend on the size of the system, how much electricity is used during the day, how much sunlight there is during the day, and other details such as the local electricity rates.<\/p>\n\n\n\nInstalling solar panels can also enable homeowners to increase the value of their homes. Like renovations to make the home more modern, installing solar panels is seen as an investment into the value of the home. Even if the homeowner doesn\u2019t plan to sell for the next few years, when the home is sold, it can be sold for a higher value simply because there are already solar panels in place. The amount of increase will depend on several factors, including the type of system and its age when the home is sold.<\/p>\n\n\n\n
When a solar panel system is used, homeowners can reduce their environmental impact and carbon footprint. As many people worry about climate change and the impact humans are having on the environment, even the tiniest changes can make a difference. Opting for solar power instead of electricity is something that can have a much larger impact than expected, as it is a cleaner fuel source and is unlimited as long as it\u2019s at least partially sunny during the day.<\/p>\n\n\n\n
Types of Solar Energy Systems<\/h2>\n\n\n\n
Homeowners in NYC most frequently opt for solar panels added to their existing roof instead of replacing the roof for one made with solar panels. As far as solar panel systems, there are three main options to consider: grid-tied, grid-tied with storage, or off-grid. The right choice for the homeowner depends on their budget, their expectations, and their preferences.<\/p>\n\n\n\n
Grid-Tied Solar Power<\/strong><\/p>\n\n\n\nGrid-tied solar power systems are the most commonly installed type. The solar panels are connected to both the home\u2019s electricity and the electrical grid. With this type of system, some of the electricity comes from the solar panels and some comes from the electric company. When the sun is out, the solar panels will provide electricity. If it\u2019s night, raining, too cloudy, or the panels otherwise aren\u2019t getting sun, the power comes from the grid, instead. This is the least expensive type of system and allows homeowners to take advantage of net metering when excess solar power is produced. This type of system will not work when the power is out, as there is no energy stored inside the home.<\/p>\n\n\n\n
Grid-Tied Solar Power With Storage<\/strong><\/p>\n\n\n\nThis type of solar system is the same as the grid-tied solar power system, but with the added benefit of energy storage in the home. The energy is typically stored in a battery, so the amount of stored energy depends on the capacity of the battery. When it\u2019s nighttime, raining, or otherwise not sunny outside, the battery can provide power to the home instead of the solar panels. If the battery doesn\u2019t have enough energy, the system switches over to the electrical grid. With this type of system, it\u2019s possible to store energy and use it when there is a power outage, so the home will still have power. This type of system is a little bit more expensive because of the cost and installation of the battery, but it can be well worth it to cut down on electric costs further and have power in the event there is an outage in the area.<\/p>\n\n\n\n
Off-Grid Solar Power<\/strong><\/p>\n\n\n\nThis type of solar power system is designed to be self-sufficient. With this, the solar panels are not tied to the electrical grid. There is a battery for the storage of excess energy and that is what is used when the sun is not out. Off-grid systems must have a significant amount of storage available for the energy produced during the day, as there is no backup option. If the solar panels don\u2019t produce enough energy or the battery doesn\u2019t have sufficient storage, it could lead to a power outage until it\u2019s sunny again. This is the most expensive type of solar power system to install and it does have its downsides, but it could be an excellent option for those who are willing to pay the higher cost to avoid being tied into the electrical grid anymore.<\/p>\n\n\n\n
Incentives for Going Solar<\/h2>\n\n\n\n
Incentives can make it a lot less expensive to purchase and install a solar power system for a home. Today, New York offers some incentives that homeowners can take advantage of when they go solar.<\/p>\n\n\n\n
- Megawatt Block Incentive Structure \u2013 This incentive provides a rebate for commercial and residential solar systems. The amount received could be as much as $1\/W, depending on the amount of solar energy that\u2019s currently being produced in the area.<\/li>
- Net Metering \u2013 This allows homeowners to sell back their excess energy to the electrical company. There are a few programs for homeowners to take advantage of, depending on their local electric company.<\/li>
- Solar Equipment Tax Credit \u2013 State taxes can be reduced by up to $5,000 or 25% of the total cost of the solar system, depending on which one is lower. This allows homeowners to receive a significant credit to help offset the cost of installing a solar system.<\/li><\/ul>\n\n\n\n
Paying for a New Solar Power System<\/h2>\n\n\n\n
When customers initially see the cost of a solar power system, they may be concerned with affording the full price upfront. Where this is possible, homeowners will see the biggest savings. Yet, not having $10,000 or more laying around to cover the installation doesn\u2019t mean forgoing solar power. Instead, companies do offer financing as well as leases, ensuring more customers can have a system installed, regardless of how much they\u2019ve saved up.<\/p>\n\n\n\n
Financing is available from many companies and is often done in-house or through a contracted lender. Those who are qualified for financing can have the installation done with as little as 0% down. Financing options can range up to 20 or 25 years, giving consumers plenty of time to completely pay off the solar panels. With the amount of money saved on electrical costs, this could be a great option for budget-conscious customers.<\/p>\n\n\n\n
Leasing is another option to consider. With a lease, the solar panels are installed and customers pay a set monthly amount for their use. The downside to leasing is that the homeowner doesn\u2019t own their solar panels, which can make it more difficult to sell the home. This can be a positive, however, as the developer will monitor the performance and do repairs at no cost to the homeowner. For those planning on selling the home in the future, the lease can be transferred to the new owners. At the end of the lease, homeowners can have the panels removed, renew the lease to continue using them, or purchase the panels.<\/p>\n\n\n\n
Another option for homeowners to consider is a solar power purchase agreement. This is similar to a lease, but the payment per month can vary. The payment under a PPA is based on how much energy is produced by the solar panels. This can still be less than the cost of the electric company, so it can offer some savings for consumers. Homeowners also don\u2019t have to worry about paying for the solar panels out of pocket, so it can be a good option for those worried about the cost of purchasing a system. <\/p>\n\n\n\n
Going solar is an excellent option, but there are plenty of choices to make before a system is installed. Choices include the type of system, the company to work with, the size of the system to install, and more. Homeowners ready to go solar and start saving money should speak with a solar panel company today to get an estimate for the installation and to learn more about any discounts or savings that may be available.<\/p>\n","protected":false},"excerpt":{"rendered":"
Solar panels are becoming increasingly popular in NYC, and for good reason. With the last decade of improvements to solar technology, it\u2019s easy to power a home completely using solar panels and may even be possible to be compensated for any excess energy that\u2019s products. Homeowners who haven\u2019t gone solar yet have the opportunity to… Continue reading Cost of Solar Panels in NY<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-746","post","type-post","status-publish","format-standard","hentry","category-blog","entry"],"_links":{"self":[{"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/posts\/746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/comments?post=746"}],"version-history":[{"count":5,"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/posts\/746\/revisions"}],"predecessor-version":[{"id":1133,"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/posts\/746\/revisions\/1133"}],"wp:attachment":[{"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/media?parent=746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/categories?post=746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wgsi.org\/wp-json\/wp\/v2\/tags?post=746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}