Clarity and perspective
on state climate policy.
A think tank producing rigorous, accessible data for advocates, policymakers, & the public.
The Solar Gap and Energy Burden in New York State
Bryan Murray - Switchbox
Outline
- Rooftop Solar Gap
- Impacts of NY's Solar Tax Credit
- Energy Burden
from recent reports...
NY Solar Goals
Scale
Equity
- 10GW of distributed solar by 2030
- 40% for LMI households, DAC and EJ communities
Rooftop Solar Gap
2.5x gap in project count
Deployment Rates
We see two tiers.
Below $50k, 2.5x as many homes to get the same number of projects.
Tax Credits
- Rather than directly paying homeowners, we give them tax credits
- Tax credits mean the incentive is tied also to the household income, not just the system size
Higher Income
$20,000
-$6,000
-$5,000
$9,000
Sticker Price
Federal Tax Credit
State Tax Credit
Net Price
Lower Income
$20,000
-$6,000
-$2,418
$11,582
Rooftop Solar Gap
20% of $309M = $62M benefit shift
5x gap in tax benefit
Why The Gap?
- High up-front costs
- Low creditworthiness
- Exclusion from full tax benefit
REsidential solar Tax Credit reform act
Make the state solar tax credit fully refundable, giving all households access to the same $5,000 subsidy
Lowering the costs
48% drop in leasing costs under the Residential Solar Tax Credit Reform Act!
Energy Burden
Energy Burden
Highly energy burdened households pay more than 6% of income on utility bills
...in NY
- 1.4M highly energy burdened households in NY
- 1 in 4 households
Energy Burden in New York State
Energy Burden in New York State
High Energy Burden Households in NY
- 92% are LMI
- 71% are owner-occupied
- 88% in single-family or low-rise multifamily
63% of all highly-burdened homes could benefit from fully refundable solar tax credits
NY Heat (S2016/A4592)
Cap homes' utility bills at 6% of income
- Funded by 3% of utilities' revenue
- Starts with bill discounts
- PSC must also consider rates and distributed solar
NY HEat Bill Savings
NY HEat Bill Savings
New Shape of energy burden in New York
Clarity and perspective
on state climate policy.
bryan@switch.box
Bonus Slides
Bucks for Boilers
Mandates
No new furnaces after 2030
Subsidies
Subsidies to guarantee enticing payback periods
- Heat pumps for all
- Weatherization where required
Bucks for boilers
Making Heat pumps work
Making Heat pumps work
Making Heat pumps work
Making Heat pumps work
Making Heat pumps work
Switchbox - NYSEIA Solar Summit '24
By Juan-Pablo Velez
