Cost of Solar
In order to combat the rise in electrical costs, more and more New Yorkers are switching to solar. To help make it easier for homeowners to switch to solar, many states are implementing incentives so homeowners can easily start saving money!
New York Incentives
There are both state and federal incentives that New York residents can take advantage of. Some of these incentives include:
Federal Solar Investment Tax Credit (ITC)
This is a federal tax credit that allows homeowners and businesses to deduct 30% of the cost of installing a solar energy system from their federal taxes.
New York State Solar Tax Credit
This is a state-level tax credit that allows homeowners and businesses to deduct up to $5,000 of the cost of installing a solar energy system from their state taxes.
This is a policy that allows homeowners and businesses with solar energy systems to receive credits on their utility bills for any excess energy that their systems generate and send back to the grid.
NYSERDA NY-Sun Incentive Program
This program offers cash incentives to homeowners and businesses for installing solar energy systems. The amount of the incentive varies depending on the size and type of system installed.
Property Tax Exemptions
In some cases, installing a solar energy system can result in a property tax exemption or reduction, which can save homeowners and businesses money in the long run.
Sales Tax Exemptions
Some states offer sales tax exemptions for the purchase and installation of solar energy systems, which can help reduce the upfront costs of going solar.
These incentives can help make the upfront costs of installing a solar energy system more affordable and provide ongoing savings on energy bills.
It’s worth noting that the cost of solar has been decreasing in recent years due to technological advancements and increased competition in the industry. Additionally, the incentives and financing options available can make solar more affordable and accessible to homeowners and businesses in New York.