Nyc Solar Panel Incentives

The megawatt block incentive structure.

Nyc solar panel incentives.

The second most important incentive for solar panel installations. In addition to incentive and financing options your business may qualify for federal and or new york state tax credits and rebates for getting solar. 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.

For instance if your system costs 22 000 you could take a tax credit of 6 600 on your federal taxes. You will need to work with a nyserda approved participating contractor to find out if you are eligible for ny sun incentives. New york s megawatt block incentive is a direct generous incentive for solar. The most significant solar incentive available for new yorkers in 2020 is the federal investment tax credit itc.

Incentives are provided directly to your selected contractor and vary throughout the state. Net metering is a crucial policy that ensures you get paid a fair price for the solar electricity. The solar energy system equipment credit is not refundable. Ny sun works directly with solar contractors and developers to offset the cost for new york residents to go solar.

The itc entitles you to a tax credit equal to 26 percent or your system s value. How much is the credit. When pairing energy storage and solar you may be eligible for an energy storage incentive in addition to the current ny sun solar incentive.