NY Solar Tax Credit

Senators Discuss Clean Energy Tax Cuts – Will it Affect Your NY Solar Tax Credit?

United States Senators have begun early bipartisan talks to review tax credits for clean energy initiatives. If you’ve ever considered solar power in New York, you might have seen the many generous state and federal NY solar tax credit options available. With one of the biggest tax credits set to expire in 2024, Senators will need to move quickly to protect consumer savings and the wider industry.

Bipartisan Interest in Clean Energy Tax Cuts

A group of at least 12 Senators met this Wednesday to review all federal credits for clean energy initiatives. The group is looking to develop a package that would receive bipartisan support in both the House and the Senate.

The group aims to draft new laws on clean energy tax credits by June this year.

While details are limited, Senators have likely discussed the possibility of extending the federal tax credit for residential solar panels. Currently, you can claim up to 26% of the cost of your system when installing solar power in New York. This credit on your federal income tax is a dollar-for-dollar credit and can significantly offset the cost of your installation. It can be combined with NY solar tax credits like the Solar Property Tax Abatement Program, which allows you to claim up to 20% of the cost of your system over four years. When you install solar with New York Power Solutions, we’ll help you to determine the tax credits available to you and will even base our initial interest-free financing period on these credits.

The group is also considering tax cuts for solar panel companies. America currently falls behind global leaders in solar panel production, creating risk. Senators aim to secure America’s energy independence with tax benefits that would promote the creation of new solar panel production facilities in the United States.

Want to Learn More about NY Solar Tax Credits? Give us a call and we’ll explain it all to you!

Getting the Best Savings on Your New York Solar Installation

The latest news is a timely reminder that your NY solar tax credit and federal credits are reliant on political support for clean energy. The tax benefits have never been better than they are today, but they aren’t guaranteed. Changes in both state and federal legislation could limit the credits that you’re eligible for. In the worst-case scenario, some of the current initiatives could disappear, eroding the savings that you can enjoy when you install solar.

Our advice is simple. If you are considering a New York solar installation, now is the best time to get started. You can get access to all the generous tax benefits that are available today without worrying about what happens to them in the future.

Choose New York Solar Companies That Will Help You Get Your NY Solar Tax Credit

There’s a growing number of New York solar companies competing for your business. Not all of the New York solar companies out there will be proactive when it comes to your tax benefits.

At New York Power Solutions, we’ll help you to determine which credits are available for your New York solar installation. We want our customers to enjoy significant savings with solar power in New York. While panels alone can generate a strong return on investment over time, the deal is even better when you have an easy pathway to claim your solar tax benefits.

Get Your Free Solar Estimate from New York Power Solutions

How much will it cost to get your New York solar installation? We’ve developed a simple system to help you plan the most critical investment that you can make in your home. We can provide ballpark estimates based on satellite data. If you like what you see, we’ll proceed with a detailed site inspection and cost/benefit analysis. You’ll know exactly how much you could save with solar over the years.

Talk to New York Power Solutions, learn about available NY solar tax credits, and get your free solar estimate today.