Solar Incentives for New York Residents | Solar Exemptions for New York

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December 16, 2014 | By RGR Marketing Blog

New York State Solar Credits & Initiatives

If you’re in the solar business and you work out of New York state, then you’re well aware that the market for solar power has never been hotter. Consumers across the nation are getting in on the savings, and taking advantage of the clean conscience that today’s photovoltaic systems provide.

Speaking of savings for New Yorkers, it’s not just the reduced electricity bills that are helping solar adopters keep more greenbacks under their mattresses. They can also take advantage of a variety of state and federal initiatives that are geared toward decreasing our nation’s reliance on fossil fuels.

Nowhere in the nation are these deals sweeter than in the Empire State. That’s correct: New York provides solar adopters with a nearly unbeatable package of incentives for going solar. Let’s take a look at just how much New York state sweetens the deal for those who get their electricity from the sun.

New York Personal Income Tax Credit

Homeowners and other residential property owners in New York can get a personal income tax credit for installing several types of solar systems, including photovoltaics, solar space heat, and solar water heat. The credit is good for 25% of the cost of the solar system, up to $5,000.

System size for homeowners is limited to 10kw, but HOAs and condominium owners can band together and install systems up to 50kw, dividing the tax credit among participating residents. If the credit exceeds the tax liability, it can be carried over for up to five years, including the year the solar system is installed.

New York Solar Rebates

With the NY-Sun PV Incentive program, residents who install PV systems may qualify for rebates between $500 and $1,000 per kW on installations of up to 25kW in size. These rebates are declining as the state inches closer to meeting its renewable energy portfolio goals, so they should be taken advantage of as soon as possible.

Distributed Generation in New York State

You’ve probably heard distributed generation mentioned as net metering.

Under New York’s net metering program, investor-owned utilities must credit those with solar systems and other renewable power sources for excess power that they generate. Other customers in the same area can then use the power. State-owned utilities are not required by law to offer the same incentives, but some voluntarily do.

For New York state homeowners, the photovoltaic system size is capped at 25kw, but businesses and agricultural producers can take advantage of net metering for systems as large as 2 megawatts.

These incentives will continue to be offered to New York residents until renewable energy sources such as PV, biogas, and fuel cells provide 1% of energy (based on 2005 consumption levels). If your customers are on the fence about solar, this is another incentive for which time is of the essence.

New York State Property and Sales Tax Exemption

It’s estimated that by adding solar to their homes, customers can add approximately 20 times their average annual electricity bill to their overall property values. As property values increase, so do property taxes… usually. New York has made the installation of solar panels exempt from property tax increases for a full 15 years. Not only that, but solar installations are also exempt from sales tax in NY State. Sounds like a smart way to boost your property value and keep more of your money in your bank account.

Federal Incentives Apply to New York, Too

The Federal government is helping to make solar power an even more attractive option, and New York residents are in line to take advantage of it, too. The government offers a tax credit for 30% of the cost of qualified sustainable energy systems expenses, but like other credits, this one won’t last forever.

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New York State Solar Credits & Initiatives

New York Personal Income Tax Credit

New York Solar Rebates

Distributed Generation in New York State

New York State Property and Sales Tax Exemption

Federal Incentives Apply to New York, Too

Start making more
money today!

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New York State Solar Credits & Initiatives

New York Personal Income Tax Credit

New York Solar Rebates

Distributed Generation in New York State

New York State Property and Sales Tax Exemption

Federal Incentives Apply to New York, Too

Start making more money today!

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