New York Solar Incentives
Solar Installation Benefits in NY
Businesses and homeowners are eligible for both the state rebates and federal tax benefits for certain solar products. *Please consult your tax adviser regarding income tax credit eligibility. Businesses can take advantage of federal depreciation benefits as well. Every state in the country will offer a kind of support program when it comes to using solar energy systems. However, if you are a NY resident you are especially fortunate, as NY state is known to have the best solar incentives in all of the United States.
If you have been considering installing solar panels, now is the time to act & save the most money you can!
2020 New York State Incentives
The state of New York also allows for various incentives to homeowners and business owners who install solar power in their homes or buildings. There are certain exemptions on taxes, as well as personal credits that you may be able to use.
- Personal Tax Credit: For residential and multi-family homes, there is a tax credit for 25% of the system cost, which is capped at $5,000. The maximum system size eligible for this tax credit is 25 kW for residential homes and 50 kW for systems owned by a condominium or cooperative housing associations.
- NY-Sun PV Incentive Program: For installers and contractors, the New York State Energy Research and Development Authority (NYSERDA) currently offers a rebate for PV systems for residential sites in any region 25kW or less. If it is a nonresidential site, it must be in Upstate and PSEG Long Island regions up to 750kW or Con Ed regions up to 7.5MW.
- 0% Sales Tax: Solar electric and solar hot-water systems are 100% exempt from sales tax.
- Property Tax Exemption: 100% exemption for 15 years.
Federal Solar Tax Credit Incentives
The federal incentives provided to New York homeowners are very beneficial. You are able to install solar panels, reduce the cost of your bills, and receive a few extra incentives that can help with tax credits as well. *Please consult your tax adviser regarding income tax credit eligibility.
The Federal Tax Credit Decreases With Each Year:
- 30% Tax Credit: If the PV system is installed by 12/31/2019
- 26% Tax Credit: If the PV system is installed between 1/1/2020-12/31/2020
- 22% Tax Credit: If the PV system is installed between 1/1/2021-12/31/2021
- 10% Tax Credit: If the PV system is installed between 1/1/2022-12/31/2022
In 2023, the federal tax credit incentive will be over and unavailable to homeowners.
Sea Bright Solar: We Do Solar Right
Opening our doors in 2003, our team has been recognized numerous times by various organizations for our commitment to excellence. We offer a free consultation so you can understand how solar works, what our installation process is like, and how you can benefit.
We have been trusted by countless customers as their full-service solar company, and we want to be there for you too. If you need solar installation in New York, we are the team you can trust.
Get started today.
Call (732) 253-4052.