How to Switch to Solar Power?
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Cost of Solar in Brooklyn, NY
With solar panels hidden atop rooftops in apartment buildings and brownstones, many Brooklyn residents are not aware that the number of solar installations has increased steadily over the past few years. Solar panels are no longer limited sprawling suburban properties – thanks to new installation methods, solar panels are being utilized more than ever in Brooklyn.
Part of the reason for the growing popularity of solar panels in Brooklyn is the strong financial incentives offered by New York State. Residents of Brooklyn can take advantage of solar tax credits to greatly reduce the overall cost of solar. There are also lease and loan programs that make it possible for Brooklynites to get solar for as little $0 down! At Momentum Solar, we are proud to be supplying solar panels in Brooklyn to meet the increased demand for clean, renewable energy.
How Much Will I Save with Solar Panels in Brooklyn?
The average lifespan of solar panels is 25 years. Over this period, you can expect to save around $45,000 with solar panels in Brooklyn! This figure can be higher or lower based on a number of factors, including the amount of electricity your household consumes, the size of your solar panel system, how you leverage solar tax credits, and the future cost of electricity.
The savings are not limited only to those who purchase their solar panels upfront. Residents of Brooklyn who utilize a solar lease to get solar panels for $0 down, can typically expect to save between $20,000 to $25,000 over the course of their 25-year lease. Again, this figure can vary based on the factors listed above and the terms of your lease agreement.
In addition to the significant cost savings associated with solar panels in Brooklyn, your family can also enjoy a greater sense of financial security. With the cost of your electricity secured in for the next 25 years, you’ll be able to better plan for long-term goals, like retirement and college funds. This is one of the reasons why financial experts have deemed solar panels a smart investment in your future.
Cost of Solar Panels in Brooklyn
As with any investment, there is a financial factor associated with purchasing solar panels in Brooklyn. This cost can be lowered substantially by taking advantage of the generous solar tax credits offered to Brooklyn residents.
For those who do not wish to buy solar panels, a Power Purchase Agreement (PPA) provides a way to get the benefits of solar panels in Brooklyn for little to no money down for most homeowners. In this arrangement, Momentum Solar owns your solar panels and you will pay a fixed price per kWh for the electricity generated by the system. PPAs offer an easy, low fuss way to enjoy the benefits and cost savings of solar panels in Brooklyn without making an upfront investment.
Solar Tax Credits in Brooklyn
You can use a combination of state and federal solar tax credits to lower the cost of your solar panels in Brooklyn. New York is one of the few states that offers a strong solar tax credit for residential solar installations.
New York Solar Equipment Tax Credit
This solar tax credit lets you reduce the overall cost of your Brooklyn solar panels by 25% or $5,000 (depending on the case). The refund is issued as a tax credit, allowing you to subtract this value directly from your New York State income tax. If you don’t have a high enough tax liability, you can roll over the excess to future tax years.
Federal Solar Investment Tax Credit (ITC)
On top of the NY solar tax credit, Brooklyn residents can also claim the federal solar tax credit! The ITC lets you lower your federal income tax liability by the equivalent of 26% of the cost of your solar panels. While the NY solar tax credit has no set expiration date, the federal solar tax credit will be phased out by the year 2024. You can claim the following amounts for the next 3 years:
- 26% until the end of 2021
- 26% until the end of 2022
- 22% until the end of 2023
If you want to take full advantage of the solar tax credits available to Brooklyn residents, we encourage you to contact Momentum Solar today to schedule a free consultation. These tax credits will help you lower the overall cost of solar in Brooklyn, making it easier than ever for you to invest in solar.
New York City also offers a Property Tax Abatement for 4 years. With this Property Tax Abatement Brooklyn residents can claim 20% of the cost of the solar system as a local property tax abatement with the NYC Department of Finance. The abatement is split into annual 5% installments over a 4-year period. As of August 2020, the NYC PTA has been extended until 2023.
Schedule Your Free Consultation Today
Momentum Solar is here to serve the Brooklyn community as they invest in clean, renewable solar energy. Our team is passionate about bringing solar panels to Brooklyn. Not only do we supply top-rated solar panels, but our expert solar installers know how to address the challenges of installing solar panels on Brooklyn rooftops. We offer a free consultation to all new customers to provide a quote and discuss the financing options available to you. Simply contact us today to get started!
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