Nyc Solar Panel Incentives

The second most important incentive for solar panel installations.

Nyc solar panel incentives.

Net metering is a crucial policy that ensures you get paid a fair price for the solar electricity. New york net metering. 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 solar energy system equipment credit is not refundable.

The itc entitles you to a tax credit equal to 26 percent or your system s value. New york s megawatt block incentive is a direct generous incentive for solar. When pairing energy storage and solar you may be eligible for an energy storage incentive in addition to the current ny sun solar incentive. You will need to work with a nyserda approved participating contractor to find out if you are eligible for ny sun incentives.

The megawatt block incentive structure. New york state tax credit. How much is the credit. For instance if your system costs 22 000 you could take a tax credit of 6 600 on your federal taxes.

The most significant solar incentive available for new yorkers in 2020 is the federal investment tax credit itc. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The system must also be installed and used at your principal residence in new york state.