It has never been more affordable to have a solar installation in New York. With panels and other components gaining more efficiency, the return you can get from solar is increasing. New York’s electric utility rates are ridiculous. It’s time to consider solar that could not only save you money but generate a return over the lifetime of your system.
Our customers ask us: are there tax incentives for Solar in New York? We’re happy to answer yes. And we’ll even help by working any expected tax benefits into our financing model.
New York Tax Incentives for Solar Installation
Tax credits and other incentives are continuously evolving. While we can’t predict the credits long term, we can expect that they will become less lucrative as more families and businesses make the switch to New York solar.
Up to 70% of New York’s electricity will come from renewable sources by 2030. The clock is ticking on generous government-backed incentives. Our team is standing by to make the transition to New York solar a simple and stress-free one.
If you’re considering a solar installation in New York, you could benefit from:
- A Federal Solar Investment Tax Credit of 26% for a solar system installed before December 31, 2022. The credit will decrease in the following years.
- A NY State Solar Energy System Equipment Tax Credit, equivalent to 25% of the system up to a maximum of $5,000.
- Up to $1,000 for every kilowatt of power installed under the NY-Sun Megawatt Block Program
There’s also a property tax abatement program available for individual and business taxpayers. It is worth 5% of the cost of solar installation per year, for four years. Please note that figures can change depending on government policy and the speed at which solar is adopted in New York. The sooner you install solar, the better the New York solar tax incentives will be.
New York Power Solutions is a NYSERDA approved contractor. We receive a direct incentive for solar installation which is taken off the top of your installation. In some cases, all combined incentives can cover more than half the cost of a solar installation.
We Help You to Make the Most of Solar Tax Incentives in New York
Navigating the changing tax incentives and rebates can be challenging and confusing. This is a big part of our business and we’ll help you to understand how the tax incentives could benefit you in your unique case.
We arrange solar financing with a split model. Tax benefits are anticipated and most can be applied to an initial loan with no money down. When you receive your benefits at the end of the tax year, you pay off the initial loan in full without interest. The remainder of your installation is applied to a loan with a term of your choosing. Our finance partners offer low fixed-rate solar loans to keep clean energy accessible to all.
Even while paying off your system, you’ll find that you can save compared to buying all of your electricity from the utility company.
Solar is clean, it’s reliable, and it will give you true energy independence. We provide detailed consultations with cost/benefit analysis. We provide the information. You make the choice.
Tax incentives for solar in New York can put your dream of an efficient and affordable home within reach. Businesses also benefit from solar tax incentives. To learn how this could look in your situation, get your free estimate and consultation from New York Power Solutions today.
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