The capital of New York, Albany is the seat of New York’s politics and a leader in research and technology – recently gaining notoriety for its ties to significant research in the field of nanotechnology being conducted at the University at Albany. But technological research in the realm of atom and molecule manipulation isn’t the only scientific advancements the capital city is known for. Albany is also gaining notoriety for its advancements in renewable energy generation – especially solar energy.
Albany Sun Statistics
In order to harvest energy from the sun, you’ve got to have sun. You might be surprised to learn that even though Albany is actually below average in the number of days of full and/or partial sun, it’s still a leader in solar energy generation across the country. Climate statistics indicate that Albany averages about 4.3 hours of sunlight per sunny day and a total of 180 days per year with sun. That’s nearly 50% of the year under sunny conditions and a total of 774 sun hours per year you are able to generate energy from the sun.
Another thing to consider is the cost-effectiveness of installing solar energy systems in Albany. The prices for these solar panels is relatively low, but where you’ll see your greatest savings is with the federal, state, and local tax breaks and incentives you’re eligible for when you buy your solar energy system.
Albany’s Solar Costs
Comparatively speaking, Albany has some of the lowest costs in the nation to install a solar energy system. In fact, the difference between the sticker price and the price actually paid is almost 80% in savings! This is because of some of the best state solar rebates and incentives around.
The average cost per watt for installing solar energy panels in Albany is $2.63 and some of the latest estimates tell us that the average cost of a solar energy system, after rebates, taxes, and incentives is around $15,000. Before incentives and rebates, some of the maximum prices seen for solar energy systems in the capital city were $29,000+.
And with national grid averages of $0.155 per kWH in Albany, you’ll save an average of $1,119 in solar savings from year one.
Solar Legislation in Albany
The reason Albany is such a leader in the solar energy realm is not because of its abundance of sunshine, but because of the state’s awesome solar energy incentives. In comparison with the rest of the country, New York earns an A in solar energy incentives and tax rebates. They have some of the most renewable energy-friendly legislation across all 50 states. And that’s what makes up for the less than average amount of sunshine the state experiences.
One of the biggest tax incentives for solar energy is not at the state level though – it’s at the federal level. The Residential Renewable Energy Tax Credit offers a whopping 30% off the total cost of your solar energy system, including installation costs. That means for a $29,000+ average cost of solar energy system in Albany, you’ll recoup $8,831 right of the bat!
Keep in mind though that this incredible tax incentive will not be available much longer. In order to receive the full 30% off, you’ll need to have your solar energy system installed and operational by December 31, 2019. Starting January 1, 2020, you’ll only be eligible for a 26% tax break, and starting on January 1, 2021, the tax incentive decreases to 22% off. After December 31, 2021, the tax incentive is no longer available.
As previously mentioned, New York state, on average, has some of the best solar incentives in the country. Directly attributable to the state’s 800% increase in solar power from 2011 to 2016! The NY-Sun PV Incentive Program is one of the state’s biggest solar offerings. This program allows a statewide rebate in the amount of $400 per kW in solar installations. For the average 5kW system that most Albany residents install, you can gain an additional $2,000 in energy savings on top of the sizeable federal tax break. That’s over $10,000 in savings from day one!
If you’re worried you can’t afford a solar energy system because you are a low to moderate income family, don’t despair. New York’s legislation will help you out so that can solar is affordable for everyone. The Affordable Solar program offers solar energy to state residents who make less than 80% of the average total income for their area.
Are you a renter in Albany and bummed you can’t take part of the solar energy cost savings available to homeowners? Not to worry – New York has thought about its renters as well. They offer a Shared Solar program so that renters and even other homeowners who don’t want to install solar energy systems, but are interested in reaping the benefits of solar, can gain access to solar energy.
If you’re interested in seeing which Albany businesses offer incentives for solar energy, check out the Database of State Incentives for Renewables & Efficiency.
Albany Solar Installers
If you’re considering installing a solar energy system in your home or business – the best advice is to shop around and see what different companies offer. Here are some of the top local solar installation companies that service the Albany area.
- Greater Albany area
- Upstate New York
