Last year, Governor Hochul announced in her 2022 State of the State her plans to make New York state a national leader in climate action. This plan includes the framework to power an additional 700,000 New York homes with solar by 2030.
NYSERDA allocates a rebate to different regions of New York State as an added financial incentive for homeowners who switch to solar energy. These rebates are available on a first come, first served basis. Currently, the rebate is $0.20/watt for a total of 40,000kW of energy installed across upstate New York.
Block #12 of 40,000kW at $0.20/watt has just opened!
Once one block of the grant is fully used, the incentive drops a grade and rewards less money per watt. Thus, we recommend acting soon to maximize your savings.
To accomplish the Governor’s goal the New York State Energy Research and Development Authority (NYSERDA) has created a new block grant (as seen in Block 12) to incentives potential homeowners to go solar. Once depleted this block will reward customers with a lower tier rebate, meaning it’s first come first served.
What Does This Do For You?
According to NYSERDA Data this means a typical customer that goes solar in 2023 can save an additional $1,425 on average (on top of their solar savings!). The block grant structure bases its savings calculations on cents per watt generated by the installed solar system.
Financing Options for your Solar Project
At Kasselman Solar, we understand the importance of making solar energy accessible and affordable. That’s why we have partnered with reliable financing institutions to help you invest in a cleaner energy future.
First NY Federal Credit Union:
We recommend the First NY Federal Credit Union for customers in the Greater Capital District and surrounding areas. They offer solar loans tailored to the specific needs of your home or business!
Learn more about First NY Federal Credit Union’s solar financing options and determine your eligibility here!
Additionally, NYSERDA offers financing options with a variety of competitive interest rates ranging from 3.49% to 6.99%. These financing options are designed to make going solar more affordable for New York State residents.
Learn more about NYSERDA’s solar financing options and determine your eligibility here!
By taking advantage of these financing options, you can invest in solar energy for your home or business, knowing you have the support of trusted, financial partners! Interested in going solar? Or want to learn more about the various incentives and financing options? Get in touch today!
What Else You Should Know
Between the Federal and State Tax credits approximately 50% of the total cost of a solar system is covered.
Tax Credits can be carried over for up to 5 years.
Solar Batteries are eligible for the federal incentive when installed with a solar system.