{"id":7762,"date":"2024-01-01T13:35:37","date_gmt":"2024-01-01T13:35:37","guid":{"rendered":"https:\/\/www.empower-solar.com\/?p=7762"},"modified":"2024-08-14T19:19:37","modified_gmt":"2024-08-14T19:19:37","slug":"new-york-solar-incentives-rebates","status":"publish","type":"post","link":"https:\/\/empower-solar.com\/en\/blog\/new-york-solar-incentives-rebates\/","title":{"rendered":"New York Solar Incentives and Rebates"},"content":{"rendered":"

Over the past ten years, the <\/span>cost of going solar<\/span><\/a> has fallen 82%. While the cost of PV (photovoltaic) system equipment has decreased, another part of the puzzle is the variety of incentives offered by the federal government, New York State, and New York City.<\/span><\/p>\n

New York has some of the best incentives available. This is incredibly beneficial to New York residents, as our electricity rates are much higher than most other states. Oftentimes <\/span>these incentives can cover 50% or more of their total solar energy system cost.<\/b><\/p>\n

What residential solar incentives are available in New York?<\/strong><\/h2>\n

Federal Solar Investment Tax Credit <\/span><\/i><\/h4>\n

A popular tax credit, known as the federal investment tax credit or ITC, allows you to deduct a portion of the cost of your solar system from your taxes. As of August 2022, the 30% federal solar tax credit is available for purchased home solar systems installed by December 31, 2032.<\/span><\/p>\n

The ITC is available to homeowners who make the switch from grid-supplied electricity to solar energy. It is worth noting that you must have a sufficient tax appetite in order to take full advantage of this program. We recommend consulting with a qualified tax advisor regarding the solar tax credit and how it applies to your individual financial circumstances.<\/span><\/p>\n

New York State Incentives<\/strong><\/h2>\n

NY State Solar Energy System Equipment Tax Credit<\/span><\/i><\/h4>\n

This credit is equal to 25% of your qualified home solar system, with a $5,000 maximum state tax reduction. You are entitled to this credit if you have purchased your solar energy system, have a written agreement for the lease of solar energy system equipment, or have entered into a written agreement of at least ten years for the purchase of power generated by a solar energy system not owned by you.<\/span><\/p>\n

NY-Sun Incentive<\/span><\/i><\/h4>\n

The NY-Sun Initiative is a NYSERDA-run program. It provides incentives to New York residents for installing solar energy systems on their homes. These incentives are distributed through Con Edison and PSEG Long Island under the <\/span>Megawatt Block structure<\/span><\/a>.<\/span><\/p>\n

The incentive for a typical residential solar system covers 20-30% of the installation cost, depending on how much solar energy is produced in your territory. The incentive is provided directly to the installation contractor and varies throughout the state. You may only capitalize on this incentive by working with a NYSERDA-approved contractor, like EmPower Solar.<\/span><\/p>\n

Note: At the time of this article\u2019s publication, there are no NY-Sun incentives available to those living within PSEG Long Island\u2019s territory.<\/span><\/p>\n

Sales Tax Exemption<\/span><\/i><\/h4>\n

The sale and installation of residential solar energy systems are exempt from the 4% New York State sales and use tax. New York City and other local jurisdictions, like Nassau County and Suffolk County, have granted <\/span>additional exemption from local sales and use taxes<\/span><\/a>.<\/span><\/p>\n

This exemption applies to residential solar energy systems that produce energy to heat, cool, or provide electricity for home use. It does not apply to solar pool heating or other recreational applications.<\/span><\/p>\n

New York State’s Real Property Tax Law (RP-487)<\/span><\/i><\/h4>\n

Under this tax law, NYSERDA dictates \u201cexemption from certain energy systems\u201d including solar energy systems. Therefore, there is no increase on property taxes for homeowners who transition to solar energy. New York residents must submit an <\/span>Application for Tax Exemption from Solar, Wind, or Certain Other Energy Systems<\/span><\/a> in order to claim this exemption.<\/span><\/p>\n

Long Island Incentives<\/strong><\/h2>\n

PSEG Long Island Storage Rebate<\/span><\/i><\/h4>\n

This solar rebate is specifically suited to those living on Long Island, within PSEG LI territory. NYSERDA offers $250 per kWh (up to $6,250) to homeowners who install backup battery systems, <\/span>like the Tesla Powerwall<\/span><\/a>.<\/span><\/p>\n

New York City Incentives<\/strong><\/h2>\n

Solar Electric Generating Systems (SEGS) Tax Abatement<\/span><\/i><\/h4>\n

This program provides New York City residents with a 4-year property tax abatement for the construction of solar energy systems. The maximum abatement is $62,500 per year for 4 years or the building’s annual tax liability (whichever is less).<\/span><\/p>\n

What are the other incentives for New York State clean energy?<\/h2>\n

The Inflation Reduction Act offers incentives to encourage the adoption of clean energy beyond solar panels, including federal rebates, tax incentives, and more. These incentives apply to the purchase and\/or installation of all-electric appliances, heat pumps, home efficiency retrofits, electric vehicles and EV charging, as well as a number of other home energy improvements which reduce costs and increase efficiency.<\/p>\n

For a full overview of available clean energy incentives for New York, download our Homeowner’s Guide to the Inflation Reduction Act<\/a>.<\/p>\n

What commercial solar incentives and rebates are available in New York?\u00a0<\/strong><\/h2>\n

While many of the above solar incentives apply to commercial properties as well, our team of experts is knowledgeable on all incentives, rebates, and special financing programs available for commercial solar projects.<\/span><\/p>\n

Our analysts will assess your needs, research opportunities, and bundle the best available incentives to get you the greatest savings and highest possible return on your solar investment. For more information, you can <\/span>download our Commercial Solar Incentives Guide here<\/span><\/a>.<\/span><\/p>\n

The Future of New York Solar Incentives<\/strong><\/h2>\n

While the above serves as a robust overview of New York’s solar incentives, understanding the evolving landscape of these programs is critical in order to maximize their benefits. Future adjustments to both state and federal solar incentives, including potential phase-downs or enhancements of the Federal Solar Investment Tax Credit (ITC)<\/a>, can significantly influence planning and investment decisions. Additionally, the interaction between state-level incentives and the federal ITC requires careful navigation to optimize the total financial benefits. Homeowners and businesses should stay informed about these changes by consulting with solar energy professionals and financial advisors. This proactive approach ensures that participants in New York’s solar programs can adapt to and benefit from the dynamic regulatory and financial environment surrounding renewable energy investments.<\/p>\n

Learn More<\/h2>\n

Now that you\u2019ve learned about all the great incentives for solar in New York, want to learn more? We have more information on the <\/span>cost of solar<\/span><\/a>,<\/span> solar panel installation<\/span><\/a>, as well as<\/span> home battery backup systems<\/span><\/a> you can pair with your solar panels.\u00a0 <\/span>If you\u2019re ready to get started with solar, <\/span>contact us<\/span><\/a> today! <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past ten years, the cost of going solar has fallen 82%. While the cost of PV (photovoltaic) system equipment has decreased, another part of the puzzle is the variety of incentives offered by the federal government, New York State, and New York City. New York has some of the best incentives available. This […]<\/p>\n","protected":false},"author":1,"featured_media":4480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-7762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-solar"],"acf":[],"yoast_head":"\nNew York Solar Incentives and Rebates - EmPower Solar<\/title>\n<meta name=\"description\" content=\"New York has some of the best solar power incentives available in the United States, including rebates, sales tax exemptions and property tax abatement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/empower-solar.com\/en\/blog\/new-york-solar-incentives-rebates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Solar Incentives and Rebates - 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