New York is one of the most generous states when it comes to Solar Energy. There are a number of incentives that make going Solar a can’t miss opportunity for New Yorkers:
- The Megawatt Block Incentive Structure: a direct, generous incentive for solar energy available under New York’s ambitious NY-Sun Initiative.
- Net energy metering: ensure that you get paid a fair price for the solar electricity that you send into the grid. Any credits for excess solar power that you accrue in a ‘credit bank’ and can be used in future months (usually winter) if your solar energy system produces less electricity.
- New York State’s Solar Equipment Tax Credit: reduce your state tax payments by up to $5,000 or 25% off your total solar energy expenses (whichever is lower). The great advantages of the Solar Equipment Tax Credit are: 1) You don’t have to purchase your system to claim the credit (i.e. it applies to you even if you went solar with a lease or PPA), and 2) if your tax liability isn’t large enough to claim the entire credit in the first year, you can roll it over into the next year.
- The NY-Sun Initiative: an umbrella program for a number of solar industry support mechanisms in New York State, including (but not limited to) the Megawatt Block Incentive Structure. NY-Sun, in conjunction with NYPA, also provides the backbone for the state’s Community Solar and K-Solar programs.
- The REV Initiative: reinvent New York State’s energy systems with a focus on ‘distributed energy’ technologies like rooftop solar panels and energy storage. Although it does not directly subsidize rooftop solar power, its ultimate aim is to level the playing field for distributed energy vs centralized power plants (like coal, gas, and nuclear) through market reforms.
Whether you live on Long Island, Queens, Manhattan, Upstate, or anywhere else in NY, don’t let these incentives pass you by.
Start today with your free solar proposal.