New York State Credits and Other Programs for Solar Panel Installation
Solar power is an investment that can give you energy independence with savings over time. The cost of solar has dramatically decreased in the last two decades. We’re now at a point where a New York state credits help all homeowners afford solar. If you’re thinking about a New York solar installation, you’ll find that New York state credits and other programs can help make the switch more affordable.
Property Tax Abatement for New York Solar Installation
If your home is in New York City, you can take advantage of the NYC Solar Property Tax Abatement Program. This is one of the New York State credits that can significantly reduce the cost of solar. This program will allow you to claim up to 20% of the cost of your system over four years in 5% blocks.
This program has been extended until 2023, so New York solar installations performed before December 31st next year are eligible.
New York State Credits on Income Tax
One of the most important New York State credits is the Solar Income Tax Credit. This credit is available to residents throughout the state.
New York State credits equal 25% of the cost of the system, up to a maximum of $5,000. Even if the credit exceeds your tax liability for a single year, it can be carried over for up to five years.
You’ll be eligible for this incentive for solar power in New York if:
- You purchase solar panels and equipment for your home.
- The electricity produced is for residential use.
- The home is your primary residence.
NYSERDA Rebates for Solar Power in New York
The New York State Energy Research and Development Authority provides direct incentives for contractors, offsetting the cost of solar.
NYSERDA rebates are offered under the NY-Sun Program. Incentives are paid to the contractor and are taken off the top of your bill. This means you’ll save money on solar power in New York, without having to file any tax documents.
New York Power Solutions is an NYSERDA-Approved Contractor, so you’ll have access to the rebate based on the size of your installed system.
Federal Incentives for Solar Power in New York
Federal government incentives are also available when installing solar power in New York. Last week, the U.S. Senate approved the Inflation Reduction Act of 2022. This new law includes a 30% income tax credit for residential solar panels.
This is excellent news for families considering solar today. Current incentives were set to expire after 2023. The 30% income tax credit in the Inflation Reduction Act will be available until 2032 before it decreases to 26% for 2033 and 2034.
Get an Affordable Solar Installation with New York Power Solutions
At New York Power Solutions, we can help you to determine which federal and New York state credits apply in your case. We are experts in solar financing and will even use your expected credits for an initial interest-free solar loan.
- The first part of your financing is based on tax credits and has no interest. It’s paid in full once you receive your tax credits.
- The remainder of your solar bill is applied to a term loan with a competitive interest rate.
You can learn about solar for your home with a free solar estimate today. We’ll provide a full consultation with a detailed cost/benefit analysis. Make the switch to solar and save money with federal and New York state credits. The team at New York Power Solutions is standing by.