Solar Panel Rebates Ny

New york s megawatt block incentive is a direct generous incentive for solar energy available under new york s ambitious ny sun initiative.

Solar panel rebates ny.

If you buy your system in cash or with a solar loan that means you also get the tax credits rebates and srecs for the system however if you lease your system the third party owner will receive all of the solar incentives. The tax break reduces. All of the financial benefits listed below go to the owner of the solar panel system. How much is the credit.

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The program provides an up front dollars per watt w rebate for both commercial and residential solar panel systems. Due to high energy costs and ample sunlight california is a great state for solar. Ny sun brings together and expands existing programs administered by nyserda long island power authority lipa pseg long island and the new york power authority nypa to ensure a coordinated well supported solar energy expansion plan and a transition to a sustainable self sufficient solar industry.

An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. The solar energy system equipment credit is not refundable. The system must also be installed and used at your principal residence in new york state. New york has long been a leader in installed solar capacity.

If you live in new york and are thinking about going solar you should know that thanks to the many financial incentives available 2020 is an excellent year for you to install solar panels. New york solar power overview. But don t wait government financial incentives are decreasing. On top of that intrinsic incentive new york has established an aggressive state rebates program for solar which will refund 1 750 per installed kilowatt hour up to 12 500 or 40 percent of the installed cost of your solar project.

Ny sun works directly with solar contractors and developers to offset the cost for new york residents to go solar. In addition to the 26 federal solar investment tax credit homeowners may also have access to additional solar incentives from their state or local utility. Ny sun makes going solar easier and more affordable for new york residents. Solar is exempt from property tax and sales tax.

The state offers a balanced mix of good solar incentives and relatively high electricity prices that makes home solar in new york a very attractive financial investment.