New York State offers some of the best incentives in the United States for homes and businesses to go solar.
In fact, New York makes the top five states for tax credits, rebates, tax exemptions and other incentives, with a grade of A from Solar Power Rocks. Just see the graphic below.
- NY-SUN Incentive: A cash rebate based on the size (Wattage) of the system, typically accounting for 10-20% of the installed system cost.
- Affordable Solar Incentive: The Affordable Solar Incentive allows a household under a certain income level to double the NY-SUN incentive for up to 6,000W.
- Net Energy Metering: All solar systems connected to the electrical grid may transfer surplus power back, allowing customers to offset the cost of power drawn from the utility.
- New York State Tax Credit: For residential systems only, you may be eligible for a 25% tax credit up to a maximum of $5,000.
- Property Tax Exemption: NYS has a law that exempts property tax increases due to solar installations. There are certain jurisdictions that have opted out of this law, please contact us to see if you are exempt.
- Sales Tax Exemption: For residential and commercial, NYS has exempted NYS sales tax on solar equipment. Local jurisdictions have the option to opt out of this law in order to apply school, county, or city sales taxes, please contact us to learn more.
- Federal Investment Tax Credit (ITC): Originally slated to expire in 2016, the federal tax credit on solar has been extended indefinitely for commercial properties. Until 2019, residences and businesses are eligible for a 30% credit on a new solar system, which will scale down to 26% in 2020, 22% in 2021 and 10% from 2022 onwards.
- Accelerated Depreciation: Commercial properties can deduct 85% of the value of a solar asset from their taxes over a five-year period.
We can help you navigate all of these programs to determine your eligibility and what the amounts would be.
Contact us to learn more about how much solar can save you.