Do Federal Cuts for Clean Energy Affect Your Long Island Solar Installation?

The U.S. Department of Energy has announced that it will restructure, revise, or eliminate more than $83 billion in loans and conditional commitments from the previous Administration. Under directive from the White House, the DOE will focus funding on “baseload” electricity generation rather than intermittent sources like solar and wind. This primarily means funding will go towards nuclear, coal, and gas projects, rather than renewables.

For companies that were seeking to expand with federal assistance, this is huge news and could be a significant hit. Up to $53 billion in loans are under revision, while $9.5 billion has already been cut from intermittent projects.

However, for homeowners, this news of the DOE cancelling loans does little to change the energy landscape. Long Island solar is still a cost-efficient choice for families seeking to reduce their energy costs.

New York State’s Solar Tax Credits

The federal government no longer funds tax credits for solar homes, but New York State offers relief with its Solar Energy System Equipment Credit.

You can claim this credit if:

• You purchase solar equipment outright (upfront or through financing).
• You have entered into a solar lease agreement or solar energy purchasing agreement.

Solar tax credits are most valuable for homeowners who install rooftop solar panels on Long Island, because they directly reduce the real cost of investment.

• The credit is worth 25% of the solar bill, up to a maximum of $5,000.
• The bill can include solar panels, related equipment, and solar battery systems.
• The credit can carry over for up to five years.

How Much Will You Save With Solar?

Savings vary depending on the home, size of the solar panel array, and cost of electricity. Recent data suggests that homeowners enjoy between $41,000 and $62,000 in total avoided energy costs over 25 years.

Long Island is one of the best places to install solar panels.

• Electricity rates are high on Long Island and are likely to trend upwards in the next ten years. Rates across New York have increased 33% in the last decade.
• Long Island offers a Net Metering program. You can export any electricity your home doesn’t use. This generates credits on your utility account.
• Sending electricity to PSEG LI during the day can help offset evening usage.
• High production months (May, June, and July) help to offset low production months (December and January).

Don’t guess about how much you could save. Get real data from a top-rated solar company on Long Island. Power Solutions offers detailed consultations with cost/benefit evaluations.

Talk to Your Local Solar Installer on Long Island

Power Solutions designs and integrates custom solar panel systems. We will engineer a panel array that suits your energy needs and budget. We can integrate battery energy storage systems to maximize savings and protect your home from outages. Our team uses solar microinverters to improve efficiency and reliability, even with partial shade or cloud coverage.

Get a ballpark solar estimate online or talk to Long Island’s best solar installers at (631) 348-0001.