What is the NY-Sun Solar Program?
New York State solar tax credits and incentive programs have made it easier than ever to go renewable at home. As solar panels have become more affordable, the State and Federal governments have stepped in with generous programs that reduce the real cost of switching to solar. While the various initiatives like the NY-Sun program are impressive, making sense of all the different benefits can be overwhelming. Let’s cover some of the most important incentives and credits available today and get you ready for your free home solar estimate from New York Power Solutions.
In New York, some NY-Sun solar incentives are paid directly to the contractor. These are provided through NYSERDA, the New York State Energy Research and Development Authority. Credits paid directly to the contractor will be taken off the top of your bill, effectively creating an automatic discount on your installation.
The incentive is based on the total power output of the solar system and is set at a rate of $0.20 per/watt for most customers in New York. You can learn more about how much you are eligible for by starting the solar consultation process with New York Power Solutions today.
New York State Solar Tax Credits
In addition to direct incentives, there are also New York State solar tax credits available if you’re installing your first solar system at a home that you reside in.
State solar tax credits vary, with the most notable being an income tax credit equal to 25% of the cost of your installation. Depending on where you live, you might also qualify for a residential property tax abatement program. Eligible NYC residents can deduct 5% of the total cost of their solar system from their property tax for up to four consecutive years.
Tax credits can be factored into a SMART solar financing package. You’ll get an interest-free period with no money down, based on the total incoming State and Federal tax credits. This makes NY solar programs even more appealing because they make it easier to get solar without saving for a downpayment. It’s almost certain that you can make the switch now if you have a good credit score and own your home in New York.
During your solar consultation, you’ll learn about the tax credits and incentives that apply in your case.
Federal Solar Tax Credits
The Federal solar tax credit is one of the most valuable solar benefits available today. Made possible through the Inflation Reduction Act of 2022, this credit is worth up to 30% of the total cost of your solar system. It is calculated based on the entire renewable energy system so this includes the solar panels, solar battery if you choose one, wiring, inverters, and other equipment/labor. Essentially, you can claim a dollar-for-dollar credit of up to 30% based on your total solar bill.
Request Your Free Home Solar Estimate from New York Power Solutions
Solar has never been more accessible than it is today. Solar is also more efficient than ever. You’ll enjoy an excellent return on your investment over the expected 25 to 30-year lifetime of your panels.
You can start the consultation process to learn more about solar for your home. New York Power Solutions will provide your free home solar estimate, a detailed energy savings evaluation, and a cost/benefit breakdown so that you can see the full financial benefits of making the switch. We’ll take you through the details of tax credits and incentives like the NY-Sun program, showing you just how much you can save by installing solar at home.
Get started today with an online solar estimate based on satellite data. With the most experienced solar installers in New York, you’ll get all the information you need to make an informed decision.