Jim and Diane Hofner
During the summer of 2014, we began investigating the possibilities for solar energy to power our home. Being retired and on a fixed income, we first turned to researching a lease with zero dollars needed upfront. The leasing company was very supportive, answered all our questions and connected us with a few local leasing customers.
The local advocates were very happy with their systems. However, we were hesitant to be locked into the same equipment for 20 years. With technology advancing at such a rapid rate, we felt it was important to have the option to upgrade to more efficient panels if we desired.
After further research, we found a local installer that offered financial assistance to purchase our home solar system. Because we purchased, we were able to receive a substantial rebate from New York State Energy Research and Development Authority (NYSERDA). Also, we will receive a 30% federal tax credit and a 25% NYS tax credit that has a maximum cap of $5000. These financial incentives will cover 60% to 65% of the initial cost to purchase our solar system. We eagerly await our income tax filing in February, 2016.
NYSERDA offered a loan with a very low rate. We qualified for the loan and signed a contract in September, 2014. After an early, long and extreme winter, our system was installed in April, 2015. Our solar system was inspected and officially connected to the net metering in May, 2015.
We also received a computer monitoring program that lets us view each panel and the total energy production on a daily, monthly and yearly basis. We are extremely happy with our investment and wish to share our experience with others before the possible termination of many financial incentives. We will be happy to participate in a tour of current solar installations. Please attend and view our solar system.