New Yorkers are making the switch to solar energy in droves, and that’s no accident. 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 power. Read on to learn more about these incentives and how they work:
1. The Federal Solar Investment Tax Credit (ITC)
The ITC is a 26% tax credit for solar systems on residential and commercial properties. It can be applied for all qualifying solar systems installed by December 31, 2022.
2. The NY State Solar Energy System Equipment Tax Credit
This credit equals 25% of what you spent on your solar system and is capped at $5,000. You can claim this credit if you:
- Purchased solar energy system equipment
- Signed a written lease of solar energy system equipment
- Signed a lease 10 years or longer for the purchase of power generated by solar energy systems
3. NY-Sun Megawatt (MW) Block Program
This program offers a range of subsidy options for residential and commercial rooftop solar energy systems. The subsidy amount depends on the size of the solar energy system, other solar energy sources in your area, and other factors. But subsidy amounts are considerable – up to $1,000 for every kilowatt (kW) of solar power installed! Best of all, you don’t need to take any extra action to claim the benefit if a state-certified installer handles your solar energy hookup.
4. Solar Electric Generating System Tax Abatement (SEGS)
This is an NYC property tax exemption based on the value a solar-plus-storage system installation adds to your home. The NYC Department of Buildings (DOB) reviews applications and determines eligibility. The amount of the benefit depends on the date your solar service began.
5. Home Solar Project Sales Tax Exemption
In 2012, an exemption of up to 4.5% was granted from New York State sales and use tax on the retail sale and installation of commercial solar energy systems equipment in select counties.
Save Big in the Big Apple—Switch to Solar Today
There’s no doubt about it. In New York State, solar energy is the way of the future. Solar panel prices have dropped by almost half in the last five years alone, and fully 70% of the state’s electricity will come from renewable energy sources by 2030. There’s never been a better time to make the switch!
Want to Talk to an Expert About Your Options? Reach Out!
Solar Liberty is the largest solar panel installer in New York State. Our highly qualified service team is committed to providing customized solar energy systems and solutions of the highest caliber. We are open and available for free virtual consultations, so contact us today because going solar is the (b)right thing to do.