Why Let the power of the sun go to waste?
Get ready to discover how you can save big and contribute to a greener planet without breaking the bank!
SUNation Energy is here to guide you through the incredible solar incentives and rebates available to homeowners in New York and Long Island.
Investing in solar power not only helps reduce your carbon footprint but is made easy with these numerous financial incentives.
Federal Solar Tax Credit (ITC)
Discover the power of the Federal Solar Investment Tax Credit, a nationwide incentive designed to help homeowners save big on solar system installation costs.
Here’s what you need to know:
- This tax credit applies to covering a portion of the cost of solar system installation.
- This Federal solar incentive offers a generous tax credit of 30% off the total system cost.
New York State Solar Equipment Tax Credit
The New York solar tax credit is specifically designed for homeowners installing solar panels in their primary residence.
Here’s what you need to know:
- 25% state tax credit that covers your home solar system costs up to $5,000!
- Exclusive for homeowners.
- You can maximize your savings by combining this credit with the federal tax credit.
- This is a one-time credit that unfortunately does not roll over to other years
NY Sun Megawatt Block Program
The NY Sun Megawatt Block Program is a New York solar rebate that offers a cash incentive per watt of solar capacity, which varies based on where you live.
Here’s what you need to know:
- This program is tailored to the size of your system, the current Megawatt block, and your region.
- As the solar market progresses and becomes self-sustaining throughout New York, the incentives will decrease.
PTA-4 Tax Abatement
The NYC Solar Property Tax Abatement provides homeowners with a reduction in their property tax liability as an incentive for going solar.
Here’s what you need to know:
- The solar panels must be put into operation by January 1, 2024. “Placed in service” generally means when the solar system is activated or when the electric permit is approved, whichever is later.
- Eligible homeowners can lower their property tax payments by 5% of the total cost of their solar installation each year for four consecutive years. The cost includes various expenses related to the solar system, such as equipment, labor, and permitting fees, but it does not cover financing expenses.
- The maximum abatement amount is either $62,500 per year or your annual property tax liability, whichever is lower.
- This incentive is a big help in offsetting 20% of the cost of solar systems.
- The NYC solar property tax abatement can be combined with other solar incentives, like federal and state tax credits. However, these additional credits don’t affect the value of the property tax abatement.
Home Solar Project State Sales Tax Exemption
The state of New York provides a valuable sales tax exemption for both residential and non-residential systems.
Here’s what you need to know:
- This exemption applies to both the purchase and installation of solar energy systems.
- This directly translates into savings for homeowners so they can invest more confidently in your solar project, knowing that you’re not burdened with additional costs.
New York Net Metering
New York Net Metering is a billing arrangement that rewards homeowners with solar systems for their energy contributions to the grid.
Here’s what you need to know:
- Homeowners with solar systems up to 25 kW of capacity will receive credits for the excess electricity they send back to the grid. Instead of going to waste, your surplus energy becomes valuable credits towards your future electric bills. Note: Any energy credits not used by the anniversary date of your installed system will roll over, however, homeowners do not get compensated with money back from the utility company.
- Fair compensation for the energy contributed to the grid meaning you not only reduce your reliance on the grid but also receive credit for your solar contributions.
NY Sun Initiative
The NY Sun Initiative is a comprehensive statewide solar program that aims to increase the availability and accessibility of solar energy for all New Yorkers.
Here’s what you need to know:
- Designed to expand the reach of solar energy throughout the state, ensuring that all New Yorkers can benefit from this renewable resource.
- In partnership with NYPA, NY-Sun has multiple resources that drives the state’s Community Solar and K-Solar programs. These programs provide avenues for community participation in solar energy as well as education and local resources!
REV (Reforming the Energy Vision)
REV is a New York State initiative aimed at transforming the energy industry and promoting renewable energy integration. This long-term program is focused on building a sustainable and clean energy future for New York.
Here’s what you need to know:
- REV’s goal is to set the stage for a more dynamic and responsive energy system that can accommodate the increasing demand for clean energy solutions.
- Focuses on embracing innovative ‘distributed energy’ technologies such as rooftop solar panels and energy storage.
- REV works towards leveling the playing field for distributed energy to create a fair marketplace where decentralized energy technologies can compete with centralized power plants such as coal, gas, and nuclear.
These New York and Long Island solar incentives and rebates are designed to make the switch to solar easy! While SUNation Energy does not directly offer these incentives, our Long Island solar energy experts can guide you through the process of understanding and accessing the available programs.
Take advantage of federal, state, and local incentives to significantly reduce the costs of your solar installation while contributing to a cleaner and greener future!
