Turning Rooftops into Revenue: Approved Storage’s Solar Story
Read the case study hereThe NY-Sun Initiative Megawatt Block Program:
NY-Sun offers incentives through 3- regions: Con Edison, Upstate, and PSEG Long Island, to foster solar development across the state. Under this Megawatt Block incentive structure, MW targets, also known as blocks, get assigned to each region. Incentives can be claimed until that specified MW target (or block) is reached. As one block gets exhausted, another block opens up with lower incentives until all the assigned program capacity is depleted. Notably, solar projects on commercial properties can deliver an ROI in as little as 2 to 4 years when state incentives are combined with the fed investment tax credit.
Incentive adders for parking canopies
and garage-top solar projects
The NY-Sun program offers additional incentives to encourage the growth of parking canopies and garage-top solar systems. Solar parking canopy projects meeting the stipulated criteria will benefit from an additional $0.20 per watt adder. On the other hand, solar rooftop projects qualify for an additional $0.25 adder per watt.
NY State Sales Tax Exemption:
The law provides a state sales tax exemption for the sale and installation of commercial solar energy systems. Additionally, it allows counties and municipalities to waive local sales taxes on these costs. For further details, visit the DSIRE webpage.
New York City Property Tax Abatement (PTA):
Building owners placing a grid-connected solar energy system into service are eligible for a Tax Abatement Program that covers 30% of the system installation cost over a period of 4 years (7.50% yearly). Abatements are limited to $62,500 per year or $250,000 in total.
The power of Power Purchase Agreement (PPA)
Even if an immediate investment in solar energy isn’t on your plan, we can still support you.
Through a Power Purchase Agreement (PPA), your solar project can receive financial support from a third-party investor like Solect. Here’s how it works: Solect leases your property to develop, own, and manage a solar energy system on it. In exchange, you purchase the electricity generated at a substantially lower and fixed rate for an agreed-upon period, typically 20 to 25 years.
Why Solect: our differentiators at a glance
Excellence in quality, safety, value, and performance forms Solect’s cornerstones.
Our consistent process delivers outstanding results for our clients.
Assess project site(s) and current and future electric profile
Present analyses and recommendations on financial benefits
Contract, engineer, and
develop
Construct, interconnect, and commission projects
Optimize your solar ROI
with cutting-edge O&M services
Asset and performance management,
and compliance