Many people have seen the advertisements or gotten the phone calls that say solar installation is “free” or “granted by the government”. Unfortunately it’s very deceptive marketing because Solar is NOT free. Yes the government is providing tax advantages to the companies who install solar, but there are still costs associated with materials and labor that must be paid.
The good news is customers are able to qualify for a solar installation for zero dollars down through lease and finance options that cover the upfront costs. And when you add in the series of incentives from federal and state authorities that are available, solar power is often cheaper than your electric bill!
Government Incentives Make Solar Work
Some will try to tell you that the government is handing out solar panels for free to homeowners. However, for anyone looking to install solar, there are income based tax credits available from the government to help offset the installation cost. With these tax credits set to decrease between now and 2022, and the Net Metering program going out of effect in New York this year, there’s no time like the present to install solar. Here is a breakdown of some of the incentives:
Federal Solar Incentives
The Federal Income Tax Credit, refunding 26% of the cost of installation in 2020. This percentage will decrease every year, meaning that the sooner you install solar, the larger your tax credit!
State Solar Incentives
New York has its own Income Tax Credit, and Solar installations generate Solar Renewable Energy Certificates (SRECs) in New Jersey which are sold on an open market to pay back the customer, whereas New York has its own income tax credit.
New York’s Own Unique Benefits
New York, in particular has access to some of the best incentives, like the NYC Property Tax Abatement, NYSERDA’s grants, and a restoration tax credit for landmarked buildings in New York City.
You’re Already Paying for Solar, So Why Not Benefit From It?
Here’s more proof that solar isn’t free: you’re already paying for it! Each month, your utility charges you a fee for “renewable energy research” that they then use to fund programs like solar installations and other clean energy projects. Why not take advantage of the funds they are making you pay and benefit from solar for yourself? Pay less for your power and help save the environment, all with no down payment!
An Option for Everyone: Solar for Zero Dollars Down
Solanta makes paying for your solar system easy by giving access to low interest financing options (interest depending on term length), solar as-a-service leasing, and solar power purchase agreement options, making zero down pricing available to all potential customers. This financing will cover the remaining cost after your tax credits are applied or if no tax credits can be claimed, and not a single dollar will be due at signing! Solar may not be free, but the potential for savings is immense!