Solar is significantly more affordable now due to both federal and NYS incentive programs designed to reduce costs, educate consumers, train a green work force and increase the popularity of solar power. New York State residents and businesses may be eligible for financial incentives from the NY-Sun Incentive Program, Green Jobs Green NY NYS PACE financing and/or the NYS REV program as well as state and federal tax abatements and credits. Now is a great time to go solar!
The New York State Energy Research and Development Authority (NYSERDA) provides cash incentives for the installation of new grid‐connected Electric Photovoltaic (PV) systems that are 25kW or less for residential, and 200kW or less for non‐residential sites. A 7 kW solar electric system located on a south-facing roof can typically offset 70-80% of a home’s electricity needs. When combined with improving energy efficiency, the savings on your electric bill can be even more significant.
This cash incentive will be applied for by YSG Solar and put directly towards the cost of your solar system and can often total over 20% of the project’s cost. The cash incentive is based on the Megawatt block model. This means that as soon as a certain amount of solar is installed in New York State the incentive decreases. You can see the levels of incentives on the NY-Sun website and get a real time update on the block progress here. A more detailed look at PON 2112 can be downloaded by clicking here.
Additional incentives for solar PV installations are available for customer households who qualify as low‐to‐moderate income. The Green Jobs – Green New York (GJGNY) Program expands access to solar energy to households most in need of the electricity cost reductions. It doubles incentives provided by the NY-Sun program for households earning less than 80 percent of the area or State median income. This incentive lowers the total upfront cost of the solar installation for the homeowner. GJGNY supports Governor Cuomo’s Reforming the Energy Vision (REV) strategy to build a clean, resilient, and affordable energy system for all New Yorkers.
NYS Solar Energy System Equipment Credit. This statewide tax credit is for 25% of your equipment expenditures on a solar energy system. More information on this tax credit is available on the New York State Department of Taxation and Finance website.
Federal Residential Renewable Energy Tax Credit. This is a federal, personal tax credit for 30% of the cost of a residential system. This credit is set to expire on December 31st 2016 and is up for possible renewal. More information can be found on the U.S. Department of Energy website.
New York City Property Tax Abatement (PTA-4) In August 2008 the State of New York enacted legislation allowing a property tax abatement for photovoltaic (PV) system expenditures installed within New York City. The abatement allows building owners to deduct from their total real property taxes a portion of the expenditures associated with installing a PV system on an eligible building. The total property tax benefit can amount to either 35%, 20%, or 10% of the installed system cost depending on when it is built.
For More Information on NYS Solar Panel Incentives and Net Metering click here.