Solar has grown significantly more affordable thanks to both federal and New York state incentive programs designed to reduce costs, educate consumers, train a green workforce and increase the popularity of solar power. New York State residents and businesses may be eligible for financial incentives from the NY-Sun, Green Jobs Green NY and/or NY REV, as well as state and federal tax abatements and credits. Now is a great time to go solar!
The New York State Energy Research and Development Authority (NYSERDA) provides cash incentives for the installation of new grid‐connected electric photovoltaic (PV) systems that are 25kW or less for residential, and 200kW or less for non‐residential sites. A 7 kW solar electric system located on a south-facing roof can typically offset 70-80% of a home’s electricity needs. When combined with other enhanced energy efficiency measures, the savings on your electric bill can be even more significant.
Cash incentives can often total over 20% of the project’s cost will be applied for by YSG Solar and put directly towards the cost of your solar system. New York state’s primary cash incentive is based on the Megawatt block model. This means that as soon as a certain amount of solar is installed in a given area, the incentive decreases. Your YSG Solar project manager will be able to tell if your property is eligible and work with you to make sure you make the most of this incentive.
Additional incentives for solar PV installations are available for customer households that qualify as low‐to‐moderate income. The Green Jobs Green New York (GJGNY) Program is an effort expand to solar energy to households most in need of the electricity cost reductions. It doubles incentives provided by the NY-Sun program for households earning less than 80 percent of the area or state median income.
NYS Solar Energy System Equipment Credit
This statewide tax credit is for 25% of your equipment expenditures on a solar energy system. More information on this tax credit is available on the New York State Department of Taxation and Finance website.
Federal Residential Renewable Energy Tax Credit
This is a federal, personal tax credit for 30% of the cost of a residential system. More information can be found on the U.S. Department of Energy website.
New York City Property Tax Abatement (PTA-4)
In August 2008 the State of New York enacted legislation allowing a property tax abatement for photovoltaic (PV) system expenditures installed within New York City. The abatement allows building owners to deduct from their total real property taxes a portion of the expenditures associated with installing a PV system on an eligible building. The total property tax benefit can amount to either 35%, 20%, or 10% of the installed system cost depending on when it is built.