PowerBank Will Sell Its New York Community Solar Projects for $41 Million
Solar developer PowerBank Corporation will sell three of its New York solar projects for $41 million. The projects have a combined capacity of 16.87 megawatts and will be handed over to Solar Advocate Development LLC. PowerBank will retain the responsibility to construct and put these projects into operation before the handover.
The deal consists of three projects, including Jordan Road 1 and 2, and Elmira.
Community solar is a type of shared solar model where a large project feeds electricity to homes, with each household paying a subscription fee. Participants enjoy savings by reducing their reliance on the standard grid. While community solar is effective in areas where rooftop solar installation is unavailable, the savings aren’t as significant as a private installation.
There are many areas of New York where community solar is the best option, but on Long Island, private rooftop solar is the best choice.
What’s the Difference Between Community Solar vs. Rooftop Solar?
A standard solar installation is the best choice for private homes on Long Island.
- This type of installation uses solar panels installed directly on a private rooftop. Homeowners generate their own electricity.
- Systems can be purchased outright or financed to ensure maximum benefits.
- The cost is higher than community solar, but the long-term savings are better. A residential solar panel installation can pay for itself within the first ten years.
A community solar installation is a type of off-site solar solution.
- Community solar generates electricity on solar farms, like the Jordan Road and Elmira farms that are being sold by PowerBank.
- Households don’t pay upfront costs for installation.
- Community solar is ideal for renters and multi-unit residential developments.
- Households subscribe to community solar and buy electricity at a lower rate. The savings aren’t as significant as private solar.
If you own a home on Long Island, installing solar panels on your rooftop is the best option. You will enjoy better long-term savings, a significant return on investment, and all the benefits of renewable energy without a middleman.
Are There Tax Credits for Solar Installation on Long Island?
2026 will see the end of Federal Solar Tax Credits for homeowners, but there are still State benefits available to make solar more affordable.
New York State offers the Solar Energy System Equipment Credit, worth up to 25% of your solar installation bill, up to a maximum of $5,000.
The credit is non-refundable, but it can be carried over for up to 5 years if the credit is worth more than your annual state tax bill.
You can finance your solar panel installation with the help of Power Solutions. An initial interest-free period is available, based on your expected tax credit. Qualified borrowers can get solar with no money down. Residential solar on Long Island is more accessible than ever before, allowing homeowners to leverage the benefits of rooftop panels.
Get a Complete Breakdown of the Cost and Benefits of Solar Panels on Long Island
Solar panels can reduce your reliance on the grid and help keep your electric bill low. Power Solutions, the best solar contractor on Long Island, offers free estimates and cost/benefit breakdowns.
Get the data that tells you if solar is worth it in your unique case. Request a free solar panel estimate today or contact us at (631) 348-0001.
