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Genie Solar Energy

New York Solar Roadmap

New York has put into place a new framework to achieve 10 GW of solar for the state by 2030. This framework comes with an investment of nearly $5.9 billion which is poised to be used to extend the NY-Sun Program and continue to battle the reduction of solar project costs seen over the previous decade. It is expected NY will create nearly 6,000 solar jobs across the state during the 2020s. The new road map offers further incentives for businesses to consider going solar:

NY-Sun Incentives – This new program will be implemented on June 1, 2022. It targets an additional 4 GW of solar.  The incentives will be broken down into 4 categories: one for Upstate C&I above 750 kW, and the remaining three are for Con-Ed: small C&I less than 200 kW, medium C&I greater than 200 kW and less than 1 MW, large C&I over 1 MW, and residential projects.

  1. Upstate (NYSEG & National Grid) C&I – $.17/watt – 800 MW available
  2. ConEd small C&I – $1.20/watt – only 30 MW’s available
  3. ConEd medium C&I – $1.00/ watt – 40 MW available
  4. ConEd large C&I – $.50/watt – 85 MW’s available
  5. Residential – $.15/watt – 150 mW’s available

There are some additional adders

Upstate:

  1. Carports – $.20/watt
  2. Community solar – $.07/watt
  3. Landfill – $.15/watt
  4. Prevailing wage – $.125/watt – required for all projects over 1MW

ConEd:

  1. Community – $.20/watt – 100 mW available
  2. Multi-Family Affordable Housing  – $1.60-$2/watt
  3. Landfill – $.15/watt
  4. Prevailing wage – $.20/watt – required for all projects over 1MW
  5. Parking canopy – $.20/watt
  6. Rooftop canopy – $.20/watt

Incentives are expected to sell out within two weeks and clients need to be prepared to move forward soon.Incentives will be paid 50%/25%/25%.

New York City Property Tax Abatement (PTA) – New York City has placed an incentive in place for property owners who have taken the initiative to go solar from January 1, 2014 to January 1, 2024. This incentive allows owners a Tax Abatement of 5% per year of the installed cost of the system for 4 years, totaling a 20%. The max incentive allowed is $62,500 per year or $250,000 total.

Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a global energy solutions company. We supply customers in the US and Europe with electricity, including electricity generated from renewable resources and with natural gas. Through Genie Solar Energy and Prism Solar, we design, construct and install commercial solar energy solutions. We provide commercial and industrial clients with energy brokerage and consultative services through our Diversegy brand.