Do Solar Panels Make Sense In New York

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Do solar panels make sense in new york.

You might be asking who doesn t pay income taxes. There are better ways to spend those dollars as we transition away from a hydro carbon economy. More famous for their cold snowy winters than sunny summer days. Panasonic will stop making solar panels at tesla s new york factory as it pulls back from that market in the us the company said wednesday.

Thank davis for the post. On top of the federal government s 30 investment tax credit itc for solar which is set to expire at the end of 2016 new york also has a robust incentive framework of its own including the megawatt block incentive a solar net metering policy that ensures that your utility company pays you a fair rate for your extra solar power and a state tax credit of up to 5 000. And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. There are three main incentive programs that make going solar a sweet deal in new york.

In new york state there are three different incentives that help you pay for solar and two of them are based on income tax credits. Tax credits are very beneficial but if you pay no state or federal income tax there s nothing to credit you. The megawatt block incentive structure new york s megawatt block incentive is a direct generous incentive for solar energy available under new york s ambitious ny sun initiative. Furthermore new york state has a net metering system where the export of excess energy from your solar system will directly offset power used at other times of the day or year allowing you to reap the entire benefits of any solar power you generate.

That is a profit of 32 281 for the median valued home in that state. In new jersey homes with solar panels can sell for 9 9 more than homes without solar energy systems. All in all looking at roof top solar panels perfectly objectively they just don t make sense. In fact some of the states with the most installed solar in the country including new york new jersey and massachusetts are in the northeastern u s.