Costs and Incentives for a Sample Solar PV System
In Westchester and surrounding counties, there are 3 components to the solar incentives that are available:
- NYSERDA rebate- $1.50/watt for first 7,000 watts
- Federal 30% Income tax credit – no cap
- NY State 25% Income tax credit - $5,000 cap
A solar system is also exempt from local property taxes!
A typical 6kW solar energy system in these counties might look like this:
*ITC stands for Investment Tax Credit or Income Tax Credit
Rebates & Incentives pay for 77% of the cost!
Cash Analysis
Annual and Cumulative Savings
The chart below shows your annual savings (blue bars) and your cumulative savings (green bars) if you paid cash for your system. Your $7,000 investment turns into $70,039 over the life of the system.
A 6kW system would generate approx. 7,225 kWh/year or about $1,628/year.
- If you paid cash for this system, you would break even in 4.0 years and would accrue savings of over $70,039 over the system life.
- Internal Rate of Return (IRR) of over 21%
- Levelized cost of Solar Over 25 Year System life
- $.08/kWh for Solar electric
- $.45/kWh for Utility-produced electric
- Solar is ONE FIFTH the cost of utility produced power!
No-Money-Down SOLAR LOAN
Working with our banking partners, Sunrise is pleased to offer a no-money down solar loan to qualified customers. If you finance a solar system using this offering, you will typically pay far less for your loan than you’ve been paying for your electric bill. You’re adding value to your home while not adding to your tax assessment. And the interest on your loan is tax deductible. After your loan is paid off, you get years of free, renewable energy.
Using the 6kW system above which saves about $1,628 in electricity in the first year, here is a comparison of buying utility electricity versus using our no-money down solar loan
You save 71% on your energy bill in the first year alone and that savings rises every year as utility rates increase! Over the system life you save $65,560
Financing with a Mortgage Re-Finance
If you refinanced your home at current rates for 30 years and took an extra $7,000 to pay for the system you would be paying LESS THAN ONE QUARTER as much per month as you are now paying for electricity, the interest would be tax deductible, and your savings would grow to $68,732 over 25 years.
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