What’s the Deal with New York State Solar Incentives in 2023?
Solar incentives are effective in helping people convert to solar. With incentives provided at the state and federal levels, the real cost of switching to solar is massively reduced. New York State solar incentives are some of the most generous in America. New York is in the top ten states for its solar tax credit and incentive programs. If you’re looking to get a New York solar installation in 2023, it’s worth taking a look at the benefits that could help you to get connected.
What are New York State Solar Incentives?
The New York State solar incentives are government-funded financial incentives designed to reduce the cost of your upcoming New York solar installation.
Incentives help in a few key areas…
- They can reduce the real cost for the homeowner.
- They convince more families to convert to solar power in New York.
- They help to stimulate the solar industry, a major job provider.
While the most obvious benefits are for the homeowners, the other two are equally important. When more families convert to solar power in New York, there’s less demand on the grid and a net environmental benefit.
And, by helping to stimulate the solar industry, New York State solar incentives can help to create jobs and keep jobs. This has been particularly evident in recent months. In 2022, several major companies announced that they would develop new solar panel manufacturing plants in the United States. This was a direct result of incentives provided by the federal government. Incentives can provide similar boosts at the state level.
What are the Incentives Available for New York Solar Installation?
If you’re planning to get a New York solar installation, learning about solar incentives will make you even more excited about the upcoming project. The incentives significantly offset the cost of making the switch.
- A New York State personal tax credit is available when you install the first solar system at a property you own and reside at. This provides a credit worth up to $5,000, based on the cost of the installation.
- NYSERDA, the New York State Energy Research and Development Authority, provides a direct incentive to your installer, which reduces your solar bill. This is based on the total output of your system and your current electric utility company.
- If your home is in New York City you can take advantage of a residential property tax abatement program. This creates a tax abatement set at 5% of the cost of your solar system, per year, over a period of four years.
These New York solar incentives are already significant, but there’s one more major solar incentive that can make a difference.
The federal government provides an income tax credit, worth 30% of the total cost of your solar installation. This was made possible with the Inflation Reduction Act of 2022. The benefits are secured for the next nine years.
There may also be local incentives and assistance programs available where you live. You can talk to the team at New York Power Solutions to learn about all of the available incentives for your solar installation in New York.
Start the Consultation Process for Solar Power in New York
You can get solar power in New York with no money down and an initial interest-free period based on expected solar tax credits. New York Power Solutions is the best team to help you make the switch. Get your free solar estimate based on satellite data, and let us help you to go solar by leveraging New York State solar incentives and your sizeable federal tax credit.