Residential Solar - A Smart Investment For Homeowners

 Residential Solar is a smart investment for homeowners, especially when backed by state and local incentives and rebates. Additionally, studies show that functional solar energy systems can increase a home’s resale value.

Even without incentives, home solar systems help offset utility rate increases and provide predictable electricity costs for the life of the system.

Cost

The price of your solar system will depend on how much electricity you use, the size of your home and roof, and what type of system you choose. EnergySage's calculator can help you find your optimal system size to get the best bang for your buck.

Bigger systems generally cost more upfront but save more on electricity bills in the long run. Additionally, there is a Costco-esque relationship between panel size and price per watt – the larger the system, the lower the cost-per-watt.

Depending on your location, local solar incentives can significantly impact your total costs. The Database of State Incentives for Renewables & Efficiency (DSIRE) is the best place to start learning about available solar incentives. The federal solar tax credit - which covers 30% of the cost of your equipment and installation if you install by the end of 2025 – is another great way to bring down your costs. This incentive gets applied to your federal income taxes, so you only need to owe enough to claim it.

Energy Needs

Home solar is a cost-effective option for homeowners interested in reducing their electricity bill and reliance on grid power. Depending on the size of your energy system, you may be able to cut your bills completely or even make money by selling power back to the utility company.

The size of your residential solar energy system depends on your household’s kilowatt-hour (kWh) usage and the estimated energy output per panel. Considering local weather conditions like frequent cloud cover and sunlight availability, can help you determine the best solar system size for your home.

Anticipating future changes to energy consumption can also affect the size of your solar system. In these scenarios, you can look to technologies like modular inverters that allow for easy upgrades to your system. You can also consider community solar programs that offer shared ownership options and provide benefits for multiple homeowners.

Financing Options

Homeowners can take advantage of New York State and federal tax credits that can lower the overall cost of going solar. Additionally, NYSERDA offers low-interest financing and a unique loan structure called an on-bill recovery loan that allows homeowners to pay for the system through monthly payments that are lower than their average electricity bill.

The simplest and best option for many homeowners is a cash purchase of their solar energy system, which typically results in the fastest return on investment for their initial upfront costs. However, this approach may not be ideal for all consumers, as it requires the ability to finance a significant upfront cost and to have sufficient federal tax liability to capture solar tax credits.

Many installers offer their own in-house financing through partnerships with lenders, which can be convenient and streamline the process. However, it is important to always compare interest rates and fees with other independent lending sources. Some solar lenders and installers promote specific tax credit benefits upfront without assessing the consumer’s ability to claim them, which can be misleading.

Installation

The first step of the solar process is a free, no-obligation assessment to determine how much energy you need and if your home is suitable for a solar system. You can also explore available incentives and compare quotes from different installers at this point, and find the best fit for your goals and budget.

The next step is a rooftop assessment to verify the integrity of your roof and electrical configuration. This typically takes a week to complete, and is performed by a qualified technician.

This allows the company to provide you with a permit-ready design that reduces change orders and allows your installation to proceed smoothly. Your local electric utility will need to interconnect your solar system to the grid and grant you permission to operate (PTO). This usually involves a quick visit from a representative who will install a new smart electricity meter that can track your system's power production. Then it's time to enjoy your new, clean, affordable source of energy!

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