New York City Solar Incentives
Save up to 60% of Your Out of Pocket Costs
Going solar in NYC is more affordable than you think. New York City has some of the best financial incentives for residential solar in the country. Through state and local tax credits and rebates, the cost of your solar panel installation could be covered around 50%.
Want to learn more about all the ways you could save money with solar? Get in touch with us!
Solar Incentives for New York City Homeowners
New York State Solar Income Tax Credit
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The New York State government provides financial support for installing residential solar. When a New York resident installs a solar PV system on their primary residence, they are eligible for a $5000 state tax credit. This credit allows homeowners to reduce their taxable income when filing their NYS taxes.
NYC Solar Property Tax Abatement
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The NYC Property Tax Abatement for solar allows NYC homeowners to claim 30% of solar energy system costs as a property tax abatement with the NYC Department of Finance. When you go solar, your property taxes are significantly reduced over a 4 year term.
NYS Historic Homeownership Rehabilitation Tax Credit
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If you live in a qualifying historic neighborhood (as designated by the NYS Office of Parks, Recreation and Historic Preservation), your solar installation may be eligible for an additional 20% tax credit. This is a special credit that can have a significant impact on the cost of a solar project.
Net Metering in NYC
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In addition to these great tax incentives and rebates, solar provides significant electric bill savings. As an NYC solar owner, you’ll be able to reduce or even eliminate your electric utility bill through Con Edison’s net metering program. Through net metering, you’ll receive retail energy credits on your monthly bills for any excess energy that your system exports to the grid. These credits are used at times when your system isn’t producing as much energy, like at night or in the winter.
Benefits of Going Solar in New York
New York is a great state to go solar. We’ve consistently been one of the top ten best places in the country for solar power, and the solar industry here is only growing. With surging electricity rates and the effects of climate change becoming more frequent, New York City has immense potential to benefit from solar energy.
A study released by Zillow.com in 2019 determined that across the country, homes with solar panels see a significant boost in value, averaging a 4.1% premium. But the increase in property value for homes with solar in the New York City metropolitan area was even greater, topping out at 5.4%. This translates to a premium of almost $24,000.
We’ve helped over 3,000 of our neighbors decrease their dependence on fossil fuels while reducing their electric bills at the same time.
Brooklyn SolarWorks is Your Trusted Partner
If you’re going solar in NYC, choose an expert. Brooklyn SolarWorks was founded with one goal: to make solar appealing and accessible for NYC’s homeowners. Our focus is hyperlocal – we’ve mastered the City’s permitting rules and building codes and developed unique solar system designs that make solar a reality in our community.
Disclaimer: Brooklyn SolarWorks are not financial professionals. As much as we’ll always strive to provide our customers with the most accurate information regarding solar tax incentives, we are not tax experts. Please consult your tax advisor for guidance on filing for credits with respect to your specific circumstances.