Financing

Cash Incentives and Credits to Install Solar PV in Your Home or Business

State incentives help homeowners and business owners overcome financial barriers to installing and using solar-powered devices so that they can begin to reap the benefits for themselves and others.

A rich program of state and federal incentives and credits are currently available for solar PV installations. A combination of lower module prices, state cash incentives, and federal tax credits means that solar electric systems now have payback periods as low as 3-5 years.

But many of these programs are set to end in 2015 or 2016. So now is the time to act.

Get Paid For Your Power

One of the key innovations in recent years has been the introduction of Net Metering, which allows homeowners and businesses to sell solar-generated electricity to the grid at the same price at which they purchase it, literally spinning their meter backwards. Solar energy offsets the electricity consumed, and, while the amount generated may differ from that used on a monthly basis, the account is balanced annually. Energy produced that exceeds 110% consumed is sold to the grid at wholesale rates. Lampros Solar designs systems to produce electricity generation to be below the 110% usage threshold.

NY State Incentive Program

You can save thousands of dollars – up to 40% of the price of your PV solar installation – through the New York State Energy Research and Development Authority’s (NYSERDA) Solar Electric Incentive Program. This program provides cash payments for installation by NYSERDA-approved installers of new grid-connected Solar Electric or Photovoltaic (PV) systems. NYSERDA rebates for these systems are presently limited  to 7kW or less for residential, 50 kW or less for commercial, but those caps will soon be increased.  

Funding for the Solar Electric Incentive Program (“Program”) has been allocated by the System Benefit Charge levied on all consumers connected to Public Utilities. Incentives are granted monthly on a first-come, first-served basis, and applications will be accepted through December 31, 2015, or until funds are fully committed, whichever comes first.

* Total Incentives available are subject to revision by the New York Public Service Commission.

You need to work with a NYSERDA-approved PV Installer to take advantage of NYSERDA’s PV Incentive Program. Lampros Solar is fully trained by NYSERDA on conducting the required audit and site analysis  to qualify your installation. As part of our initial visit with you, we will review the available incentives and the steps necessary to take advantage of them. We will work in partnership with you throughout the installation process to make sure you are fully informed and able to make good decisions about this important investment in your future.

Federal Incentive Programs

At the Federal level, the House of Representatives recently approved two bills, H.R. 2776 and H.R. 3221, that extend the 30 percent solar energy investment tax credit for businesses through 2016 as well as improve the tax credits for homeowners. Given these incentives, solar industry reps believe the market for solar is poised for more widespread accessibility and growth.

To learn more about federal and state incentives promoting renewable, efficient energy, check the Database of State Incentives for Renewables and Efficiency (DSIRE). The website is searchable by state for a comprehensive source of information on state, local, utility, and federal incentives, including deductions, exemptions, credits, loans, and grants for qualified solar projects.

The government also offers energy efficiency tax credits. The IRS form for requesting this home improvement tax credit is IRS Form 5695. Also, organizations such as the Solar Energy Industries Association, the New York Solar Energy Industries Association and the NorthEast Sustainable Energy Association give information on federal solar tax credits on their websites.

Free Consultation

Contact Lampros Solar today for a free consultation on the incentives available and to discuss the needs of your solar PV installation.

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