New York State: Incentives To Go Solar
As of right now, there are three major incentives that make solar affordable for homeowners in New York. These include the NYSERDA grant, the federal tax credit and the state tax credit. When these three incentives are applied, it typically cuts the cost in half.
The NYSERDA grant started out much higher, but right now we are at $.40/watt and that is expected to go down within the next few weeks to $.30/watt. It doesn’t make a huge difference, but we are still talking about a $800-$1200 cut of coverage on an average sized home. We take care of applying for the grant for you.
The federal tax credit is 30% of the entire system. You won’t see this amount back until you file for your taxes that year. If there are any site preparations needed, such as tree trimming or a new roof, you can claim those as well. Since those preparations are essential to installation, they can be rolled into the same job as long as they are completed within the same tax year. Otherwise you’ll only be able to claim the tax credits on the solar array.
The state tax credit is a bit simpler, they cover 25% of the system. This credit is capped at $5,000 per system. The state as well as the federal tax credit are applied for with a form that’s sent out with your taxes.
Something to remember: if you don’t pay taxes you won’t be able to reap the benefits of these tax credits, only the NYSERDA grant.
If you’re interested in going solar, reach out to us and we’d love to get an estimate started for you!