Save Up to 70% 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 federal, state, and local tax credits and rebates, the cost of your solar panel installation could be covered by up to 60-80%.
Plus, producing your own renewable energy means reducing or eliminating your monthly electric bill. Solar isn’t just good for the planet – it’s good for your wallet too.
Want to learn more about all the ways you could save money with solar? Get in touch with us!
Solar Incentives for New York State Homeowners
New York State Solar Income Tax Credit
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.
NYSERDA Solar Rebate
The New York State Energy Research and Development Authority (NYSERDA) also contributes a cash rebate to solar installations through the NY-Sun program. This rebate is paid directly to your solar company and reduces your upfront project cost. The rebate amount varies depending on geographic location. The rebate for NYC is currently $0.20 per Watt.
NYC Solar Property Tax Abatement
The NYC Property Tax Abatement for solar allows NYC homeowners to claim 20% 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
If you live in a qualifying historic neighborhood (as designated by the NYC Landmarks Preservation Commission), 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
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. This program credits you the excess energy your solar panels produce in retail energy credits applied to your monthly bills. These credits are used at times when your system isn’t producing as much energy, like at night or in the winter.
You May Also Be Eligible for the Federal Solar Tax Credit
Beyond New York City and State incentives, the federal solar income tax credit, or Investment Tax Credit (ITC), is another great incentive to take advantage of. This credit allows homeowners to deduct up to 26% of their solar system installation costs from their income tax paid to the federal government.
To qualify, all you need to do is file your federal income taxes. If the credit exceeds a taxpayer’s single year tax liability, they can divide the credit over multiple years. When you file for this credit after going solar, the tax refund you’ll receive will be much larger than what you typically see.
The credit is currently set to drop to 22% in 2023, then to zero percent for residential installations in 2024.
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 1,000 members of our community decrease their dependence on fossil fuels while reducing their electric bills at the same time.
Brooklyn SolarWorks | 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.