Nyc Solar Panel Incentives

The solar energy system equipment credit is not refundable.

Nyc solar panel incentives.

New york state tax credit. 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 itc entitles you to a tax credit equal to 26 percent or your system s value.

The system must also be installed and used at your principal residence in new york state. Ny sun works directly with solar contractors and developers to offset the cost for new york residents to go solar. New york s megawatt block incentive is a direct generous incentive for solar. For instance if your system costs 22 000 you could take a tax credit of 6 600 on your federal taxes.

What are the best new york state solar incentives. You will need to work with a nyserda approved participating contractor to find out if you are eligible for ny sun incentives. Net metering is a crucial policy that ensures you get paid a fair price for the solar electricity. How much is the credit.

The megawatt block incentive structure. Incentives are provided directly to your selected contractor and vary throughout the state. 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.