The 4 Solar Incentives that NYC Homeowners Should Know About
Solar incentives and surging electricity rates make NYC one of the best solar markets in the country. Something we love about our work is informing homeowners about these incredible city, state and federal offerings that make solar incredibly affordable. These rebates and tax credits can cover up to 70% or more of gross costs for most solar projects. We’ve broken them down for you here.
What are the solar incentives available to New York homeowners?
1. NYC Solar Property Tax Abatement: 20% of solar system costs can be claimed as a local property tax abatement with the NYC Department of Finance. The abatement is divided into annual 5% installments over a four year cycle. Be aware, the NYC PTA is set to expire on December 31, 2020.
2. New York State Solar Income Tax Credit: Another solar incentive that homeowners can claim is a $5000 tax credit on their New York State income taxes. The credit can be divided over multiple tax years if a homeowner is unable to fully utilize it in a single year. Certain neighborhoods with historic designation are eligible for additional tax credits from the state. By sharing your address, we can let you know!
3. New York State Solar Rebate: New York State residential solar projects are eligible for a rebate that reduces their upfront contract price. This rebate declines over time based on the amount of solar installed in different regions of the state. The state rebate for NYC residential projects is currently $.20 per Watt of solar installed.
4. Federal Solar Income Tax Credit: Homeowners can claim 26% of solar system costs as a federal income tax credit. The credits can be divided over multiple tax years if a client is unable to fully utilize it in a single year. The federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax. Learn more about our custom rebate that extends the credit. This credit will decline to 22% in 2021 and then terminate in 2022. A recent survey shows that Americans overwhelmingly support extending solar incentives and would change their vote based on the issue. If you’re in agreement, click here to show support.
Above all, solar systems increase overall property resale value by approximately 5.4%. If you’re seriously considering solar for your home, act quickly so that you can yield the full solar incentives while they still last. Plus, we think you deserve the extra bucks for prioritizing your environmental impact.