New York State and the federal government currently offer several incentives for homeowners to go solar.
And with some of the highest utility rates in the nation, these incentives help most New Yorker’s who switch to solar to save money on their electric bills from day one.
Every New Yorker who can put solar on their home is eligible for a grant paid for by the New York State Energy Research and Development Authority (NYSERDA). Did you know that you’re already paying for solar even if you don’t have it? Every non solar customer pays a Renewable Portfolio Standard (RPS) fee on their utility bill that funds the NYSERDA solar program. When you decide to go Solar, you are taking advantage of the funds in that program that every utility customer has contributed to.
The NYSERDA grant is an upfront cost reduction in the price of your solar system. The NYSERDA grant is currently being offered at a rate of $0.30/watt for all upstate utilities we service, and $0.20/watt in Con Edison utility territory. This equates to $3,000 in upfront savings on the average sized system upstate, and $2,000 in Con Edison territory. We’ll take it!
But you may want to consider acting quickly if you are considering the purchase or lease of a solar system in NY. The NYSERDA grant works according to a block structure, and these blocks are currently set to be the last blocks for the program. Meaning that once the $0.30/watt block in upstate territories is used up for example, the grant will be gone, and so will that $3,000 you would have saved on the cost of your system.
You can always check how quickly these blocks are filling by following this link:
Contact us before the block is more than 75% filled to ensure your project will be able to get in on time to take advantage of the grant.
When you go solar with us, we take care of the entire process of locking in your grant for you.
New York State Tax Credit
The New York State tax credit is another incentive available for solar customers in NY. Both those who choose to purchase their solar system, and those who choose to lease their solar system can take advantage of this tax credit as long as they have the tax appetite to do so. The NYS tax credit can cover 25% of your solar project costs, capped at $5,000.
What does this mean for you? Typically, if you pay in at least $5,000 in taxes to NYS over the course of the year via your weekly paycheck or otherwise, the tax credit will first deduct from any amount you owe to the state in taxes, and then any remaining balance will be issued as a refund to you when you get your tax refund check from the state. You can also roll the tax credit over into multiple years if need be.
Please note however that we are not tax accountants, and do not claim to offer any tax advice. You should always speak to your tax adviser or accountant to see how this tax credit will apply to your unique circumstances and if you will be able to take advantage of it.
For more information on the NYS tax credit and how it works, check out the video below!
Federal Tax Credit
Similar to the NYS tax credit, the federal Solar Investment Tax Credit (ITC) works in the same way. Currently you can claim the tax credit for a whopping 30% of your solar system cost (net the NYSERDA grant,) assuming appropriate tax appetite.
The federal tax credit does only apply to solar purchases, not leases.
It can also be applied to the purchase of batteries that store the energy your solar system produces.
Learn More About Solar + Storage Here
Remember to always speak to a tax professional about how the federal solar tax credit will apply to your unique situation and if you will be able to take advantage of it.
For more information on the Solar ITC tax credit and how it works, check out the video below!
Net Metering is the system by which you are able to “roll over” the extra energy your solar system produces at peak times, like during the summer and on sunny days, for later use when your system is not able to produce or produce as well, like at night or on bad weather days.
Net metering allows your solar system to cover up to 100% of your electric consumption, even though it obviously cannot produce energy all the time.
Your electric company “banks” your extra solar credits for your needed later use.
Net metering does not cover you however in the case of a power outage. For this protection you would need to pair batteries with your solar system.
Learn More About Solar Plus Battery Storage Here.
It may also be helpful to note that there is no tax charged on solar panel installations, and they will not increase your property taxes in the majority of the state. They will however increase your home’s value.
Learn More About how to Increase your Home’s Value with Solar Here
$500 Referral Program
Last but certainly not least on the solar incentives list is our referral program. At NYSSF we will mail you a $500 check for every single referral you send our way that goes solar with us. No exclusions, no gimmicks, it’s truly that easy. This can be a great way to earn some extra cash, while helping your friends and family to save money on their utility bills and go green, which in turn helps the health of our planet. A major win-win for everyone!
To submit your referrals you can give us a call at 845.255.0610, or just send us an email at email@example.com with your referral’s name and contact information. The one thing we do ask is that they have a genuine interest, and that you let them know they will be hearing from us. Thank you!
See the graphic below for more information on further green energy incentives available through the Inflation Reduction act!