New York State Solar Incentives 2023
As of August 2022, New York's electricity price averaged 24.9 cents per (kWh) which was 49.1% higher than the national average of 16.7 cents per KWh, according to the US Bureau of Labor. This does explain the rapid increase of solar panel installation in the Empire State.
What are the best solar panel incentives, and how do they lower your cost? Ready! Let's begin.
Top 6 Solar Incentives in New York
Solar system affordability and the need to reduce electric utility bills are why most folks go solar. A solar incentive is the best way to cling to the maximum investment opening that saves you costs.
Moreover, there are numerous types of solar incentives offered by states and local governments in NY. We review six of New York's solar panel incentives below:
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The Megawatt Block Incentive Program
Megawatt block incentive is a thoughtful program devoted to New York residential, non-residential, commercial, and industrial sectors under the NY-Sun initiatives. The rebate program is offered in a dollar-per-watt mechanism.
That is, the incentive rate is very much dependent on the size of your system, the megawatt block, and your region.
NY State Solar Equipment Tax Credit
The NY state solar tax credit gives you up to a 25% discount on your total solar energy costs. However, users are limited to only $5,000 of NY state tax reduction.
NY Net Energy Metering (NEM)
You get a fair share of the excess electricity produced by your solar panel directed into the grid. But, if you can’t access active energy your panel produced and stored in the grid, they are saved in a credit bank to ensure improved efficiency. That is, the power is up for later use when your solar generates less electricity, for example, during the winter.
The Federal Solar Investment Tax Credits (ITC)
The ITC gives a 30% discount on the cost of your photovoltaic (PV) solar system purchase before the end of 2032. The 30% discount includes the cost of equipment and its installation. However, the ITC incentives program is only available for those who purchase their solar system outright.
NY-Sun Initiatives
NY-Sun offers a wide range of support to make the solar system available for homeowners, businesses, and government officials. This organization serves as a camp; it combines specific programs by the NYSERDA, Long Island Power Authority (LIPA), PSEG Long Island, and the New York Power Authority (NYPA) to empower a cohesive force in the industry.
Properties and Solar Sales Tax Exemptions
The New York government charges a 4% sales tax on every good and product within the state, but the solar system is an exception. The NY state tax doesn't charge a dime for your solar equipment purchase and installation.
Get Professional Help with Solar Panel Installation in NY
It can be quite frustrating to navigate the plethora of solar energy incentives available in New York. EcoGen is an American solar company dedicated to helping you navigate solar incentive and rebate programs and smoothing your journey to going solar.
Our team ensures you understand each solar incentive and rebate program available, the overall process, and the lowering costs of acquiring solar energy.
Contact EcoGen for a free consultation today; let's help you harness the sun's power to save you cash.
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There are numerous types of solar incentives offered by states and local governments in NY including the Megawatt Block Incentive Program, NY State Solar Equipment Tax Credit, NY Net Energy Metering, NY-Sun Initiatives, the Federal Solar Investment Tax Credits, and properties and solar sales tax exemptions. To figure out the best incentive programs for you talk to our team of solar advisors who can package the most savings into your solar installation.
NY-Sun offers a wide range of support to make the solar system available for homeowners, businesses, and government officials. This organization serves as a camp; it combines specific programs by the NYSERDA, Long Island Power Authority (LIPA), PSEG Long Island, and the New York Power Authority (NYPA) to empower a cohesive force in the industry.
