New Yorkers are converting to solar in droves, and it's no coincidence. New York State offers some of the best solar incentives in the country, making it easier and more affordable than ever for residents to take control of their electricity. Read on to learn more about these incentives and how they work:
1. The federal tax credit for solar investments (ITC)
The ITC is a26% tax credit for solar systems on residential and commercial properties. It can be applied for for all qualified solar systems that are installed by December 31, 2022.
2. NY state solar energy tax credit
This credit is the same 25% of what you spent on your solar system and is capped at $ 5,000. You can claim this credit if you:
- Purchased solar system equipment
- Signing of a written rental agreement for the equipment of solar energy systems OR
- Signing a ten-year or longer rental agreement for the purchase of electricity from solar energy systems
3. NY-Sun Megawatt (MW) block program
This program offers a range of funding opportunities for private and commercial rooftop solar systems. The amount of funding depends on the size of the solar system, other solar energy sources in your area, and other factors. But the funding amounts are considerable – up to $ 1,000 for every installed kilowatt (kW) of solar power! The best part is that you don't have to take any additional measures to consume the power when a state-certified plumber takes over your solar power connection.
4th Tax exemption for solar power generation systems (SEGS)
This is NYC property tax exemption on the value of a solar-plus storage system installation adds to your home. The NYC Department of Buildings (DOB) reviews applications and decides on eligibility. The amount of the benefit depends on the date you started your solar service.
5. Sales tax exemption for solar projects
In 2012 an exemption up to 4.5% was granted from New York State sales and use tax on retail sales and commercial solar installations in select counties.
Save Big In The Big Apple – Switch To Solar Today
There is no doubt. In New York State, solar power is the way of the future. The prices of solar panels have fallen by almost half, and completely, in the last five years alone 70% of the country's electricity will come from renewable energy sources by 2030. There has never been a better time to make the switch!
Would you like to speak to an expert about your options? Take it!
Solar Liberty is the largest solar panel installer in New York State. Our highly qualified service team strives to offer tailor-made solar energy systems and solutions at the highest level. We're open and available for free virtual consultations, so Call us at (716) 634-3780 or Contact us online todayBecause solar energy is the (b) right thing to do.