How NYS Solar Tax Credits Make Installations More Affordable
Want affordable solar for your home? With NYS solar tax credits, your installation can be more affordable than you thought. Incentives will help to pay for your solar system and can even be used as the basis for no money down financing.
Learn about NYS solar tax credits and how they can help you to go solar with clean and reliable electricity at your home.
The NYS Solar Tax Credit 2022
The NYS solar tax credit 2022 includes the basic state credit as well as reimbursement based on the size of your system.
New Yorkers benefit from:
- A tax credit worth up to $5,000 of the total cost of installation.
- NYSERDA (New York State Energy Research and Development Authority) incentive calculated per watt.
The NYSERDA incentive depends on your current energy provider. For ConEd connections, it’s set at $0.20 per watt, and it increases to $0.50 per watt for non-PSEG and non-ConEd customers.
Navigating the government sites for the NYS solar tax credit 2022 can be somewhat confusing, and it’s a lot to take in as you research solar panels and the benefits for your home. We keep things simple by covering your expected tax benefits and rebates in your solar consultation. We work these expected credits directly into our financing.
Don’t Sleep on Solar – The NY State Solar Tax Credit Expiration Will Come
Solar companies will tell you that the NY state solar tax credit expiration is inevitable. This isn’t just a marketing strategy to get you signed up for solar. If we look at the history of state and federal policy on renewables, it’s easy to see that these are never permanent.
The NY state solar tax credit expiration will occur when government policy shifts.
Subsidizing solar is expensive, but it’s also beneficial. It helps to drive the economy, reduces the load on the grid, and improves energy security. When enough homes have solar, the government won’t have any incentive to subsidize.
It’s frustrating not knowing exactly when the NY state solar tax credit expiration will occur, but we can tell you that if you are even thinking about getting solar today, then now is the time to start planning your installation. Even if the NY state solar tax credit expiration won’t come for a few years, the deal is likely to get less lucrative for the consumer. It’s a simple numbers game. If you’re late in line to adopt solar, you’re likely to get less support from the government.
The good news is that the NY state solar tax credit expiration date isn’t here yet. The State of New York will still help you to fund your solar.
Combine the Federal and NYC Solar Tax Credit for Maximum Savings
New Yorkers can also take advantage of a generous federal tax credit when installing solar. The NYC solar tax credit is bolstered by a 26% federal credit in 2022. You’ll be eligible for this credit on the total cost of your solar installation.
Just like the NYC solar tax credit provided by the state, the federal credit won’t last forever. In fact, it’s actually set to decrease over time. In January 2023, it will go down to 23%.
Although we can’t say for sure how federal policy will evolve, it’s likely that the federal and NYC solar tax credit will decline as more people install solar. When the government is satisfied that enough households have converted, the NYC solar tax credit and federal credit will surely be eliminated or significantly reduced.
This is one of those situations where getting in sooner, rather than later, is the best choice. Solar panels are at a point where efficiency and reliability are excellent, so there’s no need to wait to see what happens with the technology.
New York Power Solutions will help you to calculate your expected NYC solar tax credit and federal credit.
Things to Keep in Mind
We’ve covered a fair amount of information and tax-related details are often overwhelming. Keep the following points in mind as you consider solar for your home.
- The NY state solar tax credit expiration is inevitable, but there’s no clear roadmap for this yet.
- New York Power Solutions will help you to calculate your expected credits.
- Credits can cover more than half the cost of your solar installation.
- Solar efficiency is higher than it has ever been. If you’ve been waiting for technology to improve before going solar, now is the time to get started.
- NYC solar tax credits are available for first-time installations. You can’t get NYC solar tax credits on a second home or second system.
NYS Solar Tax Credits Help You Make a Smart Investment in Your Home
Today, the cost of solar energy is lower than ever. Panels and components like microinverters have become more efficient. It’s possible to power an entire home from rooftop panels. This was prohibitively expensive just a short time ago.
NYS solar tax credits can help you to realize your dream of energy independence. Imagine the feeling when you get a monthly electric bill with nothing but a hookup charge on it. Under net metering, if you export more than you import, the power company will send you a check at the end of the year. Who would have thought, the utility company will pay YOU for the electricity that you produce on your roof!
At New York Power Solutions, we’ll help you to make the most of NYS solar tax credits. We even work the expected credits directly into our financing model. An initial interest-free period based on your tax credits means that you can transition to solar easily with no money down. You can pay off the rest of your system over a term of your choosing, at a competitive fixed rate.
There’s never been a better time to install clean, reliable, and affordable solar at your home. Get your free estimate today and enjoy the freedom that home solar brings.