Solar Panel Incentives By State New York

New york solar tax credit.

Solar panel incentives by state new york.

The second most important incentive for solar panel installations in new york is the state solar tax credit which allows you to potentially earn an extra 5 000 to put towards your taxes on top of the federal solar tax credit. If you live in new york city you can take advantage of the new york state tax credit which is equal to 25 of the costs of you solar panel installation. New york state s solar equipment tax credit which may allow you to claim up to 25 or 5 000 of your costs as credits against your state raxes including the option to roll over any remainder to subsequent years. Another important state level program is the megawatt block program.

The solar energy system must use solar radiation to produce energy for heating cooling hot water or electricity for residential use. Other new york solar programs and incentives the ny sun initiative. New york state has a great solar rebate program under the new york state energy research and development authority nyserda ny sun program. Incentives are provided directly to your selected contractor and vary throughout the state.

New york megawatt incentives. The average cost of a solar panel installation in new york ranges from 12 368 to 16 732. You will need to work with a nyserda approved participating contractor to find out if you are eligible for ny sun incentives. Ny sun works directly with solar contractors and developers to offset the cost for new york residents to go solar.

Ny sun in conjunction with nypa also provides the backbone for the state s community solar and k solar programs. The system must also be installed and used at your principal residence in new york state. If your property isn t. This combined with the federal tax credit provide subsantial savings on the cost of a solar installation.

The tax credit is capped at 5 000. How much do solar panels cost in new york. New york state tax credit. There are two major incentives available for residents of new york city.

This rebate incentive is called the megawatt block incentive as the watt rebate amount varies based on which block the incentive is reserved under for different areas. This awards funding to people living in three separate zones based on the number of solar panels already installed there. Solar incentive and financing options. Ny sun is an umbrella program for a number of solar industry support mechanisms in new york state including but not limited to the megawatt block incentive structure.

Detailed information on available incentives and loans for residential customers going solar. Ny sun mw block incentive.