A Quick Guide to NY-Sun Program for NYS Businesses
Almost every state in the country offers some kind of support program to businesses for their solar energy projects. But if you run a business in New York State, consider yourself privileged and “especially” fortunate. For the state offers one of the best commercial solar-support programs in the country in the form of NY-Sun.
NY-Sun Makes It Easier for Businesses to Adopt Solar
NY-Sunis a $1 billion government-funded program set up by Governor Andre M. Cuomo to help the state move closer to energy independence and have sustainable solar energy infrastructure at the community level.
Through the program, the state government of New York offers businesses, both big and small. A variety of financial solutions for their commercial solar power projects. This allows the businesses to transition to PV technologyin an easier and more affordable way.
The main features of the program are as follows:
- Rebates and tax credits on purchase of solar equipment.These incentives are covered under the Megawatt Block Solar Incentive and Solar Energy System Equipment Credit When combined, these incentives can produce more than $5,000 in savings for business owners on equipment expenditures.
- Low-interestrate loans for the purchase of solar equipment. The program offers three types of loans to small business owners, including on-bill recovery loans, participation loansand property assessed clean energy (PACE) loans. Both on-bill and participation loans come with caps, while PACE loans offer affordable financing for up to 100% of the cost of the project.
- Refunds on utility bills for the amount of solar electricity added to the grid. These refunds are calculated as per the state’s net metering policy, where business owners can leverage “unused” credits for a future rebatement.
Business owners interested in pursuing a solar power project and availing the financial solutions. Offered under the NY-Sun program should hire an approved and licensed renewable energy contractor for project and application assistance.
Larsen Engineers have an extensive experience of working with climate smart communities across the NY state. We have helped hundreds of clients successfully implement solar energy generation projects. At municipal and commercial scale on a budget. With a rich business heritage of over 60 years, we know what it takes to deliver a successful project. Get in touch with us today for an initial discussion.