Financing Your System

Financing

Our partner, RUPCO, can help you with the financing of your solar system. They are at Solarize events to start the financing process. Find them at RUPCO.org. Financing can also been done through personal loans or an upfront payment.

RUPCO’s financing includes options through the Green Jobs – Green New York program’s NY -Sun initiative. The NY-Sun initiative provides three options for financing. Read about all three options from the NY-Sun website below:

OPTION 1:  Residential and Small Business/Not-for Profit On-Bill Recovery Loan

Provide the convenience of paying for energy improvements on your utility bill.

  • The current interest rate is 3.49% for residential loans and 2.5% interest for small business and not-for-profit loans. Interest rates are subject to change.
  • Payments will be included in monthly charges from your utility
  • Repayments are made through a monthly installment charge on your utility bill.
  • Monthly payments may not exceed the estimated energy cost savings from the energy upgrades, which means the energy savings may cover most or all of your loan payment.
  • Requires a declaration to be signed and filed by NYSERDA. The declaration is not a lien on the property, but is recorded to provide notice to others of the obligation under the loan note.
  • In the event your property is sold, the unpaid balance of the loan may be transferred to the new owners.
  • For full eligibility requirements and instructions on how to apply for a Residential On-Bill Recovery Loan, visit RUPCO
  • Learn more about the On-Bill Recovery Loan for Small Businesses and Not-for-Profits.

OPTION 2: Residential Smart Energy Loan

Offers affordable interest rates, flexible terms and simple repayment options.

  • The current interest rate is 3.99%, or 3.49% if repaid through automatic bank withdrawals.  Interest rates are subject to change.
  • Repayments are made directly to NYSERDA’s loan servicer
  • For full eligibility requirements and instructions on how to apply visit RUPCO

OPTION 3: Small Commercial Participation Loans

  • NYSERDA partners with lenders to help small business and not-for-profit organizations access up to $100,000 in financing at a below-market interest rate.
  • NYSERDA offers 50% of the project cost, up to $50,000, at 2% interest and the participating lender provides the remainder of the loan at the market interest rate.
  • Borrowers make loan payments directly to their lender like a typical loan.
  • Learn more about Small Commercial Participation Loans.

The process of getting these loans is made simple by our partner RUPCO. Visit their web page on getting these loans by clicking here to get instructional videos and a simplified application.

Incentives

Incentives are a large part of why solar energy is so affordable right now. There are incentives both at the State and Federal level. An extensive list of incentives can be found through DSIRE USA, simply click on New York State and browse the list. The major incentive programs are listed below:

New York State Incentives

Solar Energy System Equipment Credit

This tax credit is for 25% of your equipment expenditures on a solar energy system. More information on this tax credit is available on the New York State Department of Taxation and Finance website.

PON 2112 – NY-Sun Solar Electric Incentive Program

This is a cash incentive for installation of photovoltaics on residential (less than 25 kW) and small business (less than 200 kW) systems through a certified installer (all Solarize installers are certified). This cash incentive will be applied for by your solar installer and put directly towards the cost of your solar system. The cash incentive is based on the Megawatt block model. This means that as soon as a certain amount of solar is installed in New York State the incentive decreases. You can see the levels of incentives on the NY-Sun website and get a real time update on the block progress here. A more detailed look at PON 2112 can be downloaded by clicking here.

Federal Incentive

Residential Renewable Energy Tax Credit

This is a personal tax credit for 30% of the cost of a residential system. This credit is set to expire on December 31st 2016 and is up for possible renewal. More information can be found on the U.S. Department of Energy website.

 

 

Disclaimer:

All information given here is general and is subject to change. Talk to your tax adviser for advice pertaining to these tax incentives. Solarize Hudson Valley is not a tax adviser, and no information given here should be viewed as tax or financial advice.