The cost to install solar energy has dropped by more than 70% over the last decade. Although we feel that growth within the solar industry, it’s not always easy for community members to see the significant progress being made as many of the solar arrays are on the roofs of buildings or tucked behind a line of trees set back from the road.
Yet the presence of solar power has been steadily rising to become the new norm for Rochester & Western NY heavy-hitters such as Rochester Regional Health, Rochester Institute of Technology, Corning Inc., the University of Rochester, HARBEC Plastics, Cornell University, and many others.
Incentives coupled with reduced prices have resulted in solar power offering the most cost-effective form of new electricity generation. The combination of incentives cover over 65% of the cost of a project.
The Federal Solar Investment Tax Credit gives 26% of the cost of solar back to the business in the form of a tax credit. In January of 2021, this tax credit will decrease to 22%, and down to 10% in 2022.
Your company’s solar project is eligible for bonus depreciation. Write the solar system off on your taxes like you would any other piece of equipment. Bonus depreciation allows companies to take the full tax benefits entirely in year one, as opposed to stretching the depreciation over multiple years.
The New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program offers financial incentives to decrease the cost of a solar project. GreenSpark takes care of applying for the grant and passes the benefit directly to you.
The flexibility of solar power has never been more appealing, especially when it comes to financing options. GreenSpark works with solar-specific financiers so our customers can start saving immediately, without the upfront cash outlay.
Are you ready for a new and improved norm? Let’s talk: