NYS Solar Tax Credits and You
An investment in solar panels will free you from the ludicrous electricity prices in NY. As rates increase, the appeal of solar power in New York only increases. If you’re worried about the cost of going solar, you’ll be happy to learn about the available NYS solar tax credit.
Through income tax benefits and other programs, you can reduce the real cost of your New York solar installation.
NYS Solar Tax Credits Make Solar More Affordable
One of the most important NYS solar tax credits is a personal credit that is worth up to $5,000 of the cost of your system. This is a dollar-for-dollar credit based on your solar installation bill.
This NYS solar tax credit is in addition to a popular federal program.
You can get a 26% dollar-for-dollar credit on your federal income tax for 2022. This benefit will be reduced to 22% in 2023. It hasn’t been extended beyond this date. While Congress could renew the benefit, it’s not guaranteed. Now is the best time to book your New York solar installation if you want to make the most of the federal tax credit.
New York residents can also receive a direct incentive paid by NYSERDA to an approved contractor like New York Power Solutions. This amount is based on the size of the system and is taken off the top of your bill.
Federal and NYS solar tax credits are significant. Combined with our affordable financing, it’s easier than ever to get solar for your home.
Property Tax Abatement in New York City
If you’re in New York City you can also use the NYC Solar Property Tax Abatement program to further reduce the cost of solar. Under this program, you can claim 20% of the cost of your system over four years (5% per year).
New York Power Solutions can help you to determine which credits and incentives are available in your scenario.
New Executive Order will Benefit Solar Power in New York
You may have read concerning news about solar tariffs in recent weeks. The Commerce Department has threatened to increase solar tariffs. This is likely to be avoided judging by recent news.
Over the weekend, it was reported that President Biden would invoke the Defense Production Act to provide support for solar manufacturers in the United States. Federal aid would help to ramp up domestic production.
At the same time, the White House plans to put a halt on solar tariffs for the next two years, ensuring that imported panels remain affordable while America develops its domestic supply chain.
This is great news if you are considering solar power in New York. It will ensure price stability in the coming years.
The Best Team for Your New York Solar Installation
Price is important when you need a New York solar installation. The team that performs the work is just as critical. Our staff are expertly trained and vastly experienced. We are veterans of the roofing and solar industries. We will plan your installation to be efficient and reliable. Our installation techniques will protect your roof and ensure that solar panels remain stable for decades to come.
If you want no-fuss solar from industry leaders, you can talk to us today.
Get a Free Estimate from New York Power Solutions
Your free solar estimate is available at New York Power Solutions. You can get a ballpark estimate online and if you like what you see, we’ll proceed with a detailed consultation and on-site estimate. Learn about the benefits of solar with our cost/benefit analysis, and get help with affordable solar financing based on available NYS solar tax credits. We’ll give you an interest-free period with no money down, based on the generous credits that you’re eligible for.
Enjoy affordable and reliable electricity throughout the year with solar panels from New York Power Solutions.