The Rise of Residential Solar
Unlocking the Advantages of Solar Power in Homes
Residential solar power boasts an array of enticing benefits. To start, the affordability of solar panels has seen a significant increase, making it an accessible choice for many homeowners. Additionally, opting for solar can lead to substantial savings on electricity bills. In cases of power grid failures, a solar-equipped home doesn’t have to be in the dark. If you’re thinking of resale value, a solar installation often enhances the worth of a property. Lastly, regardless of where you live, be it a sun-soaked beach or a cloudy suburb, solar systems can still harness energy efficiently.
New York’s Push for Solar
Incentives and Rebates for New Yorkers
New York stands out for its generous solar incentives and rebates. A notable federal offer was the Solar Investment Tax Credit (ITC), which granted a 26% tax credit for solar systems installed up to December 31, 2022. On the state level, New York offers a 25% tax credit on solar panel purchases, capping the state tax reduction at $5,000. The NY-Sun Megawatt (MW) Block Program further sweetens the deal by giving eligible homeowners up to $1,000 per kilowatt of installed solar power. As for property taxes, the Solar Electric Generating System Tax Abatement ensures homeowners aren’t taxed on the added home value from their solar installations. And don’t forget about the 4% state sales tax exemption on home solar projects!
Harnessing the Sun’s Power
Solar Energy: A Clean and Abundant Resource
Solar power translates the sun’s energy into usable thermal or electrical energy. It stands as the epitome of clean, renewable energy sources, especially with the U.S. boasting some of the world’s most abundant solar resources. Whether it’s generating electricity, lighting up spaces, or heating water for varied uses, solar energy has a diverse range of applications.
The U.S. Solar Landscape
A Decade of Impressive Solar Growth
Today, the U.S. is illuminated by over 155.2 gigawatts of installed solar power, lighting up an equivalent of 27 million homes. In the past ten years, the nation’s solar market has expanded, registering an average annual growth rate of 24%. This growth is evident in the more than 4 million solar installations across the country, from quaint home rooftops to massive utility-scale systems contributing clean electricity to our power grids.