Commercial solar energy projects can take from six to nine months to get from contract signing to Permission To Operate (PTO). Sometimes permitting delays can extend that to a full year. So, if you’ve been wondering whether 2019 is the year that your School, Non-profit, or Company commits to using solar energy, it’s time to act.
2019 is the last year that the Solar Investment Tax Credit remains at the full 30% level. That means that unless your solar project commences construction by the end of 2019 you will only be eligible for a 26% credit, potentially reducing your savings by thousands of dollars. That’s true even if you are part of a School or other not-for-profit that doesn’t pay taxes, because Silver Lining Solar can help your facility produce solar energy while sharing those tax benefits with you and increasing your savings.
And if your electric bill includes demand charges (measured in kW rather than kWh) it may be time to consider adding energy storage (batteries) to your new solar project as well. In New York, Governor Cuomo announced a 1,500MW energy storage target by 2025 that doubles to 3GW by 2030. That means new incentives from NYSERDA for energy storage to help offset the upfront battery investment in addition to the rebates for solar. Bear in mind that the IRS has consistently allowed the solar investment tax credit to be applied to storage devices as well, so long as at least 75% of the energy stored comes from solar.
The requirements get complicated quickly, but suffice it to say, if you think your company is ready to start saving money on your electric bill while doing your part to help the environment, your timing couldn’t be better. But you better act soon.