New York, NYC, Solar Panels, Solar Power, Solar Energy, YSG Solar
April 14, 2020

New York is one of the most popular solar locations in the United States, seeing huge solar industry growth across the past decade. Notably, New York State also has some of the most ambitious climate goals and renewable energy incentives in the country. New York solar offers an avenue to renewable energy for homes, businesses, communities, schools, municipalities, and pretty much any property owner that wants to implement solar energy.



NY-Sun: Solar Initiative

The NY-Sun program is a solar initiative from NYSERDA with the aim of making solar energy more accessible to all New York residents—from residential homeowners to business owners to local communities. Not only is solar energy better for the environment and the overall health of the city, it’s also a way for New York residents to save on their utility bills. The NY-Sun initiative strives to provide:

 

  • Incentives and financing to make solar affordable for all New York residents.

  • Information and education which will allow potential solar consumers to make informed decisions.

  • Resources for local government, including training and tools, to assist in the creation of solar programs and removal of barriers to solar deployment.

  • Expansion of community solar programs and access across the state, making solar a real possibility for all New Yorkers.



The Benefits of New York Solar

New York is one of the most popular solar states in the country, with some of the most ambitious renewable energy targets in the world. This is largely due to the many benefits of a New York solar installation. Below, we’ve outlined some of the key benefits associated with going solar in New York State.

 

  • Utility Bills: New York has some of the highest utility rates in the country and these rates look set to continue rising in the future. A solar panel installation, or a subscription to community solar, can offset these utility costs and take a huge chunk out of your energy bill each month.

  • Incentives & Rebates: Thankfully, New York has a wide range of incentives and rebates available for consumers going solar. From the Megawatt Block incentive to the Federal Investment Tax Credit (ITC), solar financing is easier than it has ever been. We’ll go into further detail on these incentives & rebates in the next section.

  • Property Value: A solar panel installation not only increases the value of your property, but also makes the property more attractive to potential buyers. In the competitive New York real estate market, a solar panel installation can give you an edge when it comes to selling your home—and fetch you a higher price too.

  • Return on Investment: Given their durability and long lifespan, solar panels are one of the safest investments on the market. A solar panel installation will pay for itself over time and, eventually, the savings will outweigh the original investment, while also safeguarding against volatile utility rates.



New York Solar Incentives 2020

As noted above, going solar is more affordable than ever thanks to the wide range of solar incentives and rebates available in New York in 2020. These are some of the most popular solar incentives available.

 

  • Megawatt Block Incentive: This program offers a direct dollars-per-watt ($/W) rebate for both residential and commercial solar systems across New York. It is part of the NY-Sun solar initiative and the size of your rebate is dependent on the amount of energy already being produced in your area.

  • New York State Solar Equipment Tax Credit: This tax credit can reduce your state taxes by up to $5,000, or 25% of the cost of your system, whichever amount is lower. The credit applies even if you didn’t purchase your system outright (e.g. lease or PPA) and if your liability isn’t large enough to use the entire credit in the first year, it carries over to the next.

  • Federal Investment Tax Credit (ITC): This tax credit lets you reduce your federal tax liability by up to 26% of the net cost of your solar energy system. Unlike the NYS Solar Equipment credit, the ITC is only applicable if you purchased your solar system. Like  the NYS Solar Equipment credit, it can be rolled over to the next year if your tax liability is not large enough to claim the entire credit. Unfortunately, the ITC is set to step down over the coming years. Full details of the step-down are available here from SEIA.



If you want to go solar in New York, contact YSG Solar today. YSG has over a decade of experience in the New York solar sector, working with everything from rooftop residential solar to large-scale community solar projects. Send us an email, or call at 212.389.9215 to learn more going solar in NYC.



By Shane Croghan

 

Sources:

https://www.seia.org/state-solar-policy/new-york-solar

https://www.nyserda.ny.gov/All-Programs/Programs/NY-Sun

https://www.energysage.com/solar-panels/solar-rebates-incentives/ny/