Do You Still Get the New York State Solar Rebate with the Federal Tax Credit?
The Inflation Reduction Act of 2022 has provided a 30% federal tax credit on the cost of new solar installations. It’s helping to drive the demand for solar power in New York and elsewhere throughout the nation. What you might not realize as a homeowner is that there are other incentives available that will reduce the cost of your system. The New York State solar rebate offered by NYSERDA (New York State Energy Research & Development Authority) is particularly important. If you’re considering a New York solar installation, this is one rebate that could convince you to make the switch.
What is the New York State Solar Rebate?
There are a few New York State solar rebates that fall under a wider system.
- One of the most important is the Megawatt Block Incentive program. This provides a subsidy for your system that comes off the top of your bill. It is based on the size of your system and the exact amount depends on your utility provider. The incentive begins at $0.20 per watt for ConEdison customers. You Can learn more about the specific rebate available in your case when you begin your consultation with New York Power Solutions.
- Another New York State solar rebate is the New York State Solar Equipment Tax Credit. You could claim up to 25% of the cost of your system (set at a maximum of $5,000). This credit applies to your state personal income tax.
- Of course, there are also Net Metering programs available for solar power in New York. Net Metering gives you credits on your account based on the net difference between the energy you export vs. the energy you import. When you produce more electricity than you use, your meter will spin in reverse, offsetting the electricity that you import in the evenings.
New York State solar rebates are available in conjunction with the new 30% federal tax credit for solar installation. You can claim 30% of the cost of your system as a credit on your federal income tax.
Financing and Your New York Solar Installation
With New York Power Solutions your expected tax credits can be factored into your financing. We can provide no money down financing for a New York solar installation. The initial period will be interest-free and based on your tax credits. Once you receive the credits, you can pay the first loan in full.
The rest of your bill will be applied to a second loan. It will have a competitive interest rate and you can choose the term length.
By splitting the financing, New York solar installation is more affordable and accessible to more families.
Demand for Solar Power in New York is Growing
More families are deciding to switch to solar power in New York, so wait times for installation are expected to increase in the coming years. If you’re considering solar power in New York, it’s best to act now.
In the news over the weekend, it was revealed that new installation requests increased nationwide for the fifth straight month. Generous New York State solar rebates and the 30% federal credit have contributed to the sudden spike in demand.
Don’t Wait for Solar – Get an Estimate from New York Power Solutions
To avoid ending up on a long waiting list as the industry catches up to demand, you can get started with New York Power Solutions. We provide free ballpark solar estimates online. We also provide in-depth consultations with solar experts, and we will provide a cost/benefit analysis so you can learn the true value of solar and make the right decision.
Get your estimate and enjoy the excellent federal and New York State solar rebates while they’re available.