Almost every state in America offers some kind of solar incentives, installers, but the ones in New York State are among the best. There are a number of different incentives that you can consider getting when you install solar panels. There are 3 main incentive programs that you need to know about, but there are others that are available as well.
The Megawatt Block Incentive Structure
This incentive is a direct and very generous for anyone looking for installing solar energy. The incentive is part of the New York NY-Sun Initiative. This program will provide subsidies for residential and commercial rooftop solar panel systems. The size of the subsidy that you can claim will vary depending on the size of the system you install and the amount of solar energy already being produced in your area. One of the primary benefits of this incentive is that you will not have to claim yourself if you use a state certified installer.
Net Energy Metering
Net energy metering will help ensure that you are paid a fair price for any of the solar energy that you send to the grid. The price you get will be stored in a credit bank and can use used to offset energy prices in future months. This is particularly helpful for the winter months when your solar system may not produce the electricity that you need for your home.
New York State Solar Equipment Tax Credit
The tax credit that is offered for solar equipment can lower your state tax bill by up to $5000 or 25% of your full solar energy expenses. The primary advantage of this incentive is that you do not have to buy the solar system in order to claim the credit. The credit can be applied I you lease the solar system that you are using. Another advantage of the tax credit is that you can roll it over to the next tax year if your tax liability is not large enough to claim the entire credit.
The Federal Investment Tax Credit
Other than the generous New York State solar energy incentives, you can also look at the federal Investment Tax Credit. This national tax credit allows you to reduce the tax liability on a federal level of up to 30%. This will be based on the net cost of your solar energy system which means it is applied after the other state incentives. Should you not have enough tax liability for the entire credit you can roll this over to the next tax year.
There are many solar energy incentives available to people who are residents of New York State. The best incentive to use will be the Megawatt Block Incentive because it is part of the NY-Sun incentive and you will not have to claim if you use a state certified installer. There are also 2 different tax credits that you can claim on a state and federal level which can be rolled over to the next year if you cannot claim the full credit.