The system must also be installed and used at your principal residence in new york state.
New york state solar power rebate.
On bill recovery and smart energy loans.
For installers and contractors the new york state energy research and development authority nyserda currently offers a rebate for pv systems for residential sites in any region 25kw or less.
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.
That reduces your cost after the first year to only 8 485.
Ny sun pv incentive program.
Eligible costs include labor on site assembling and installing the system and the cost of all related piping and wiring.
The megawatt block incentive structure.
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.
Next comes the new york solar tax credit of 25 of costs up to 5 000.
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.
The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000.
New york state tax credit.
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 residential solar tax credit a similar tax credit is available at the state level for systems up to 25 kilowatts in capacity.
The program provides an up front dollars per watt w rebate for both commercial and residential solar panel systems.
Solar incentive and financing options.
As of september 2020 the average solar panel cost in new york is 2 91 w given a solar panel system size of 5 kilowatts kw an average solar installation in new york ranges in cost from 12 368 to 16 732 with the average gross price for solar in new york coming in at 14 550 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the.
Guidance on determining federal and or new york state tax credit eligibility.
25 of the 19 840 cost of this system earns a ny state tax credit of 4 713 leaving only 9 969 after tax breaks.
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.
The solar energy system equipment credit is not refundable.
Detailed information on available incentives and loans for residential customers going solar.
If your property isn t ideal for solar panels or you are not a homeowner community solar may be right for you.
In addition to incentives ny sun offers two loan options for residents.
