On January 1st 2020 the Green Energy incentives offered by NYS and the federal government will be decreasing, but if you act before that deadline you will be locked in to the current rates.
Here are the changes:
- Federal Tax credits drop from 30% > 26%
- The ‘NYS Net Metering Program will become ‘The Value of Distributed Energy Resources’ (VDER).
Net Metering measures the excess energy that a solar system supplies to a power grid, and allows the system owner to use up that excess energy later. These are called volumetric credits, and they are a static value.
VDER on the other hand, uses several indexes of your solar system to determine the value of the energy supplied by your system. Measurements of Environmental Value, Location-based marginal pricing, Capacity, Demand Reduction Value, and Location Adders. Essentially, the energy produced by a solar system is weighed against a localized ‘energy market,’ and your system’s excess output is exchanged for a monetary value that gets applied to your bill. The monetary value is called a Value Stack, and it is variable based on the market.
Act now for the best return on your solar investment!
The NYSERDA page with all the information can be found here.
For more information click here for helpful breakdown.