Solar Panel Incentives 2017 Ny

The solar energy system equipment credit is not refundable.

Solar panel incentives 2017 ny.

In addition to our incentive programs and financing options you may qualify for federal and or new york state tax credits for installing solar at home. To encourage the continued expansion of solar governments utilities and other organizations offer solar tax breaks and financial incentives to make solar more accessible for today s homeowners. In addition to incentives ny sun offers two loan options for residents. New york net metering.

The program provides an up front dollars per watt w rebate for both commercial and residential solar panel systems. New york s megawatt block incentive is a direct generous incentive for solar energy available under new york s ambitious ny sun initiative. New york governor andrew m. On bill recovery and smart energy loans.

For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. As a result you can reduce the net cost of your solar panel system by anywhere from 26 to 50 percent. New york s residential solar tax credit is equal to 5 000 or 25 percent of the cost of your solar system whichever is less. Loan amounts are available from 1 500 to 25 000 with loan terms of five 10 or 15 years to help new york residents finance solar installation.

Find out what options are available and which of them is right for your business. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. If you re a new york state resident interested in filing for a renewable energy tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing. Ny sun works with solar contractors and developers to offset the cost of purchasing and installing a solar panel system for your business.

Cuomo has established a 1 billion incentive program to encourage more residential and commercial solar installations. However any credit amount in excess of the tax due can be carried over for up to five years. The size of your subsidy depends on how much solar energy is already being produced in your area and could be as high as 1 w. The megawatt block incentive structure.