New York: Is The City Going Solar?

solar-powerNew York City businesses may be able to start benefiting from solar power.  A mere 5 years ago, only 186 projects were using this alternative form of power.  Today, that number has expanded to 5,300 with around 2,000 more planned.

According to the Solar Energy Industries Association one reason so many are turning to solar is partly due to the fact that installation costs have been reduced by a staggering 70 percent.  In addition, since the government is very pro-solar, there are many initiatives and incentives being put forward. Indeed, New York State Energy Research and Development Authority’s Director David Sandbank pointed out that thanks to the NY-Sun initiative, although solar panel installation costs can cost between $20-50,000, this can be cut in half thanks to city, federal and state initiatives as well as tax credits.

When it comes to businesses, solar power systems can significantly decrease – and even possibly completely eliminate – an electric bill.  Indeed, once a business commits to the installation of a solar power system, it is as if they have pre-paid for energy for around the next four decades, but only having to swallow a fraction of the cost for electricity.  This is because the per unit energy cost is probably substantially larger than what one spends on solar power which results in further savings for the company.

In addition, following installation, there is virtually no maintenance required (if at all) and most solar panels come with a 25-year warranty.  Furthermore, when it comes to the “green” argument, by using solar power electricity, one is reducing fuel consumption which in turn leads to a decrease in both pollution and greenhouse gas emissions.