In talking about the cost of residential solar systems, it has become apparent that there is a great deal of misinformation circulating the internet. This guide aims to demystify that misinformation and provide prospective buyers with reliable information about the cost of residential solar on Long Island. When attempting to understand the cost, it is important to understand both where the system costs come from, as well as the government rebates available to offset the total system cost.
The NYSERDA loan is a great option, and thankfully we are one of the few companies on Long Island that are able to offer it. The idea behind this loan is that it allow customers to finance solar for their homes with an affordable fixed interest rate at 3.49%, compared to the other banks that offer solar loans starting at 6.49%. This NYSERDA loan has only a $150 origination fee and has no pre-payment penalties. This loan is most certainly the best loan being offered in the green energy market today.
Vivint Solar is a national solar company that has been under fire for some of their practices. Here at Green Leaf Solar we believe in transparency and want all potential solar energy customers to have the all the information possible. Solar power is still an emerging industry that we feel it’s our mission to educate and protect consumers. In the video that follows you will see some of the pitfalls that occur when you are dealing with solar companies. Always make sure to read every page of any contracts that are submitted to you. We are a proud Long Island Solar Power provider and plan to continue growing with the community.
Watch this video to find out more.
The first in a series of public hearings was held in Riverhead Monday evening on PSEG Long Island’s proposed rate hike.
The utility has announced a proposal to raise its delivery charge for customers by about 3.8 or 3.9 percent a year over the next three years.
A Newsday review of the proposal found that the plan would also allow the utility to increase rates beyond that to pay for certain debt, power and storm costs.
[Read more…] about PSEG setting no cap on their rate hikes!
The article “Push to raise rates: PSEG, LIPA want 3-year increase on Long Island” [News, Jan. 30] raises troubling questions about the utility’s intention to serve Long Island or its own corporate interests.
PSEG Long Island’s announcement comes as Long Islanders already pay exorbitant electrical bills.
Now we’re being asked to absorb a 3.8 percent delivery charge increase each year for three years. This includes an increase in the fees the Long Island Power Authority pays to PSEG.
But is that really the only increase customers will pay? The current plan for a delivery charge increase doesn’t even include PSEG Long Island’s Utility 2.0 plan, which the company says is “on a separate track” from the rate increase. Nor does the increase include a new mechanism to recoup costs from customers when electricity sales decline because customers seeking green alternatives to PSEG’s dirty expensive electricity.
Will Long Island ratepayers be asked to pay for more power from PSEG’s New Jersey and Connecticut plants, while the company delays new, clean, efficient capacity to serve Long Island itself? What about our economic development? What about protecting our jobs and tax base?
We are living in a very exciting time when we are seeing the shift from the old monopoly power companies to the clean industry of “solar”. The Power companies have been slowly losing their grip on being able to over charge for the sale of energy, But before we see this complete switch from dirty fossil fuels to Solar the power company is going to bleed their remaining customers for every dime that they can. GreenLeaf Solar we are here to help, we want to bring you back to having control and making decisions about how much you’re going to pay for energy and how you would like to produce it. We are the friendly neighborhood Solar company that have been showing Long Islanders the correct way to go solar and educating them every step of the way. To schedule your free estimate start by calling us at (631) 509-1747 or just stop in at our showroom 1085 Route 112, Port Jefferson Stn. NY 11776.
GreenLeaf Solar will be at Port Jefferson for the Dickens Festival volunteering to help out with the festivities.
We will be located at 101 Main St, Port Jefferson, NY 11777 in front of the Frigate with the Solar Cottage giving away free Hot chocolate brewed from solar power. We will be their Friday 2pm-7pm, Saturday 10am-7pm, and Sunday 10am-5pm to see the full list of events
PSEG Long Island is ending the year with another hike to electric bills.
The utility says it is raising its power supply charge by 14 percent in December. For the consumer, it means an average monthly increase of about $10.50. This is the seventh raise since PSEG has been in power on Long Island!!
The power supply charge is based mostly on natural gas prices. Even though natural gas prices have been decreasing, PSEG says it is projecting they will rise again. Cited from News 12 Long Island.
This is going to be a common occurrence with PSEG because they are a “for profit” company that are losing customers daily to Solar. If this is what they did in their first year what will it look like in their 5th? The rebates are here and so is the phenomenal loan opportunity that we offer. 3.49% interest rate for an up to a 15-year term from NYSERDA. One of the rules of the loan is that your payments have to be less than your average electric bill! There is literally no way to go wrong with this and the average loan is paid off in the 6th year by paying no more than your current electric bill. Make the smart choice for the future of Long Island!!
To Learn more about how you can go solar now Click HERE
Customers who meet the following underwriting criteria** may be approved through the primary approval process:
- FICO credit score of 640*
- Debt-to-Income Ratio less than 50%
- No bankruptcies, foreclosures, or repossessions in the past seven years
- Outstanding collections, judgments, liens, and charge-offs may not exceed $2,500
Customers who are not approved through the primary approval process may still qualify for a loan if they meet the following criteria**:
- Mortgage has been paid on-time for the past 12 months
- Electric and gas accounts have been current for two consecutive months during each of the past two years and no payments more than 60 days past due during this time period -OR- electric and gas accounts have been current for nine of the past 12 months and no payments more than 60 days past-due during this time period.
- No mortgage payments more than 60 days late during the past 24 months.
- Oil/propane accounts must be current and must have been established for at least 24 months.
- Debt-to-Income Ratio up to 55% – OR – up to 70% if FICO score is 680 or higher – OR – up to 100% of applicants who qualify for Assisted Home Performance with ENERGY STAR
- No bankruptcies, foreclosures, or repossessions in the past five years
- Outstanding collections, judgments, liens, and charge-offs may not exceed $2,500
New York City will spend $23 million to install solar-paneled roofs on 24 public schools, Mayor Bill de Blasio said.
The installations will triple the amount of sun power currently gathered on city-owned buildings, the mayor said today at a news briefing. The total investment will be about $28 million, with $5 million coming from state grants under Governor Andrew Cuomo’s NY-Sun Initiative.
Standing outside John F. Kennedy High School in the Bronx, one of the first schools to rely on solar energy to power its classrooms, de Blasio told reporters that the shift to renewable energy isn’t only a way to support new technology and save money, but a “moral imperative” as well.
“It’s the right thing to do for our children and grandchildren,” de Blasio said, noting that the panels will generate 6.25 megawatts of power. “With the help of our partners at the state government, we’re one step closer today to handing off a planet that will be a safe place for future generations.”
The announcement comes about a week after New York City became the largest municipality to commit to a goal of reducing greenhouse emissions from public and private buildings 80 percent by 2050 from 2005 levels. De Blasio, 53, a self-described progressive Democrat, was elected last year by the biggest margin by a non-incumbent in city history.
De Blasio set a goal of developing 100 megawatts of solar power on public buildings and 250 megawatts on private properties in 10 years. That would generate 1 percent of the city’s electricity, reducing greenhouse-gas emissions by an estimated 35,000 metric tons a year, he said. If private targets aren’t met, de Blasio said he would prod building owners to invest in solar power through incentives and mandates.
At JFK High School, the panel installations will coincide with an environmental curriculum that will allow students to track in real time the amount of energy the system generates and the impact it has on emission reduction.
The panels, which generate energy even in overcast conditions, can help during natural disasters like Hurricane Sandy. The 2012 storm knocked out power for more than 2 million New York households, according to a report from the U.S. Commerce Department.
The On-Bill Recovery Loan is a way to obtain loans for energy efficiency improvements through the New York State Energy Research and Development Authority (NYSERDA) and to repay these through a charge on the customer’s electric bill. On-Bill Recovery makes it easy to pay for home energy improvements without paying cash up front.
The PSEGLI program was recently launched (August 2014).
Here’s what the program entails:
- No down-payment required
- Loans under 15 years will qualify for $25,000
- Loans over 15 years will qualify for $13,000
- Loan terms can range from 5-15 years
- Low-interest rates – 3.49% for terms of 5, 10 and 15 years (subject to change)
- Convenient – no separate bill to pay. The loan repayments will appear as a loan installment line item charge on your PSEGLI bill
- Repay from the money you save on energy
- If you sell your home you will have the option to transfer the unpaid balance of the loan to the new owners
- The customer must have good credit and pay their PSEGLI bills on time each month
The On-Bill Recovery program will have unlimited funding through New York’s Green Bank Program. Interest rates will be between 2.99 and 3.50% depending on market conditions. NYSERDA administers the program and provides the capital. The utility, in this case, PSEGLI, does the billing and collection of loan payments from the homeowner. If the customer has non-payment issues during the course of the loan the customer will be billed separately until the utility service direct payments are re-established. Your repayment amount will be based on projected savings on your energy bills.
In order to qualify for the loan, the new monthly payment for the loan cannot be more than the current monthly electric bill the customer pays now. Example = New Monthly Electric Bill + Monthly Loan Payment must be less than the current monthly electric bill. So as a general rule, customers with the higher electric bill should have an easier time qualifying than those with very low electric bills. The loan will be designed so that projected energy savings equal or exceed payments.
In order to make this work in some cases, you may have to use Same as Cash Loans or short term loans or customer cash payments. This would be for higher priced jobs or higher priced modules in some cases.
For full eligibility requirements and instructions on how to apply for the On-Bill Recovery loan, visit Energy Finance Solutions or call (800) 361-5663.