Federal Tax Credits Bolster NY State Solar Incentives
With NY State solar incentives you can significantly offset the cost of your solar panel installation. And, with the recent introduction of an improved federal credit, solar is even more affordable. If you’ve been sitting on the fence when it comes to solar power in New York, the latest developments could convince you to make the switch. There’s no other better home improvement that you can make today, especially when you consider the long-term benefits of a New York solar installation.
Solar Power in New York Pays Dividends Over Time
Some people look at solar power in New York as an expense. The right way would be to see it as an investment.
Solar power generates savings from the moment that you get installed. By reducing the amount of electricity you take from the grid, solar will reduce your household utility spending. Even if you finance your system, there will be savings to enjoy from month to month.
As the price of electricity continues to increase, with rate hikes and inflation, the savings are only likely to become more lucrative over time.
Through net metering, you will be credited for energy that you export to the grid. So if you export more than you import in a given month, this will roll over to your next bill.
The average New York solar installation will generate enough savings to cover the cost of installation within the first 8 years. When you consider that solar panels are covered by a 25-Year warranty and are expected to last up to 30 years, the return on investment can be significant.
A New York Solar Installation is More Affordable with NY State Solar Incentives
And then there are the incentives for you to consider. One of the most important NY State solar incentives is a NYSERDA incentive based on the size of your system. The rebate is paid to the installer so it reduces the real cost of your solar panel installation.
There are also NY State solar incentives in the form of tax credits and abatement programs. New York City offers a residential property tax abatement program worth up to 20% of the cost of your system. There’s also a state income tax credit available for qualified taxpayers.
The New Federal Tax Credit is Significant
Congress recently approved the Inflation Reduction Act of 2022. Included in this law was funding for a 30% federal solar tax credit for homeowners. This is one of the most generous solar tax credits ever offered by the government. When combined with NY State solar incentives, the actual cost of your solar system will be significantly reduced.
The news has been full of solar articles in recent weeks, driven largely by the Inflation Reduction Act, rising electricity prices, and increased demand for solar.
New York Power Solutions is Ready to Provide Your Solar Estimate
The team at New York Power Solutions has connected more than 5,000 families and businesses to rooftop solar. You can make the switch with us.
We use satellite data to offer free estimates for New York solar installation. You can request yours online today. From here, we can provide a cost/benefit analysis so that you can determine your savings over time, before you commit to the installation.
We provide the information. You make the choice.
At New York Power Solutions we also offer financing with an interest-free period based on expected tax credits. Best of all, you can get financing for solar power in New York with no money down.
Make use of federal tax credits and NY State solar incentives while they are here. Our team is ready to help you save with solar.
