Solar panel installation is on the rise on Long Island, and as more and more homeowners convert their homes to solar energy, the cost is dropping. In fact, the price of solar has fallen more than 50% over the last five years, making it a viable option for more and more Nassau and Suffolk county residents.
For those still on the fence about the upfront costs of solar installation, here’s valuable information about financing and rebate incentives available for solar upgrades through Green Team Long Island.
Solar Rebates & Incentives with Green Team
Federal Solar Incentives
The most significant solar incentive currently available is the federal solar tax credit, also known as the federal investment tax credit (ITC). Homeowners and businesses who own their solar systems can deduct 26% of their solar installation costs from their federal taxes due, and can rollover any remaining balance an additional year.
However, homeowners should act quickly—the amount of the tax credit decreases, year-by-year, until it is eliminated completely for residential homeowners by 2022.
New York State Solar Incentives
On a state level, homeowners in New York can qualify for a Solar Energy System Equipment Credit and take a 25% state tax credit—up to $5,000 which can be carried over up to five years—on purchased or leased solar systems.
Solar Financing with GTLI
There are also a number of different solar financing options available.
- Mosaic solar panel and solar battery storage loans through Sunpower are structured with a bridge loan and a term loan to help you take full advantage of available tax credits. Many Green Team customers are able to bundle other necessary projects like roof, energy efficiency, and even HVAC improvements into their Mosaic solar loans to take advantage of the unique Mosaic loan structure to get low cost financing for their combination (solar plus other improvements) projects.
- SunPower’s 20 year leases include little or no interest rate escalation. Leases often make sense when someone does not pay very much federal income tax, including many people who are retired or who have less than average income.
- Green Team also offers third-party financing loans through other partners that can provide 12-year financing with rates as low as 2.99%, or provide bridge loans for 12 to 18 months with no interest and no payment until you receive your tax refund.
- Home Equity Lines of Credit (HELOC) are a great option for those that have available equity in their homes. HELOCs typically offer low interest rates, and the interest is usually tax deductible.
Get the Full Benefit of Solar with GTLI
When it comes to upgrading your home to solar, it can be confusing to sort through all the different rebates and financing options. What’s the best way to pay for your solar panel system? How can you qualify for the best solar panel savings?
At Green Team Long Island, we’re committed to helping homeowners in Islip, Elmont, Lindhurst, and beyond maximize their solar savings. Not only do we install the best, highest-performing solar panels on the market from SunPower, but we can help you navigate the many ways to make solar upgrades even more affordable for your Long Island home.