What are the Best NY Solar Incentives?
Solar power in New York is more affordable than ever, thanks in large part to solar incentives that reduce the real cost of making the switch. If you’re thinking about getting solar for your home, knowing about the available incentives and how they work will help you to make an informed decision.
Here are the best NY solar incentives and how they can help you to get your New York solar installation.
The 30% Federal Solar Tax Credit
To be fair, this incentive is available throughout the United States, but it’s still one of the most important ones if you’re considering solar power in New York.
This solar tax credit was made possible with the Inflation Reduction Act of 2022. It creates funding available until 2034. So, even if you’re not quite ready to make the switch to solar, this one can benefit you in the coming years.
It’s a simple tax credit. It allows for a 30% credit on the gross cost of your solar installation. This is the total bill, including panels and any other additions like battery backup. This credit decreases to 26% in 2033 as it begins its phase-out, so there’s plenty of time to take advantage of it. It’s important to note that the credit isn’t a traditional refund. It’s a deduction, so it will decrease the total amount you owe on taxes in the year it is claimed.
State Tax Credit for New York Solar Installation
There is an available State tax credit for your New York solar installation, which works similarly to the Federal credit but is applied to your State taxes. This credit is worth up to $5,000 depending on the cost of your installation.
New York Power Solutions is a NYSERDA Quality Installer, meaning that we meet the highest criteria for customer service, efficiency, and system performance. This also means that you are eligible for a reimbursement incentive that comes off the top of your solar bill. This incentive is based on the total output of your solar system and varies depending on your current utility company. It can significantly reduce the cost of your installation.
We’ll Help You to Make Use of the Best NY Solar Incentives
The specific incentives available in your case might seem overwhelming and difficult to understand. That’s where our expertise comes in. We will help you to determine which NY solar incentives you are eligible for. We can then use these to determine the best financing option for your project.
We use the expected tax credits to create our split financing offers.
- The first part of your solar financing will be based on expected tax credits. The initial loan is interest-free and paid for once your credits are received.
- The second part of your NY solar financing will be based on the remainder of your bill, after deductions and the initial loan. You can spread this over a term that is convenient for you, so that repayments will be manageable.
Financing is provided through Sungage Financial, the most experienced and reliable solar financing company in New York. Rates are competitive with the market and loans are straightforward with no hidden strings. We are completely transparent with financing and your bill, so there will be no surprises.
Getting a Detailed Cost/Benefit Analysis for Solar Power in New York
You need to learn about more than just the best NY solar incentives to make the right decision on solar. While incentives significantly reduce the real cost of solar, you still need to be confident that your investment will generate a return. Along with your free estimate for solar power in New York, we will provide a detailed consultation with a cost/benefit analysis. This will let you know if the investment in solar will be worth the savings generated over time. This consultation is one of the most important steps in making the switch to solar.
We’re ready to get started. Learn more about the best solar incentives and start your consultation with New York Power Solutions.