Empowering New Yorkers to take the lead
in the fight against climate change
Find out if solar is right for your NYC home.
The Future of Solar Compensation is Uncertain
On July 17th 2020, NYSERDA announced that Phase One Net Metering will be available for projects interconnected before January 1, 2022. This reflects a one-year delay in the planned implementation due to the impact of the COVID-19 pandemic. Projects that qualify for Phase One Net Metering will continue to receive it for twenty years post interconnection. That means there are only a few months left to participate in this program.
Take Advantage While They’re Still Here
For full details scroll over the different incentives.
Federal Solar Income Tax Credit
26% of solar system costs can be claimed as a federal income credit. The total credit can be divided among shareholders and owners on a unit equity basis. 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 income tax credit, which was scheduled to drop from 26% to 22% in 2021, will stay at 26% for two more years. It is expected to drop to 22% in 2023 and 0% in 2024.
Your Out-of-Pocket Cost
Up to 70% Covered
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. As of August 2020, the NYC PTA has been extended until 2023.
NYS Solar Income Tax Credit
Residential solar owners can claim a $5000 tax credit on their New York State income taxes. The credit can be divided over multiple tax years if a client is unable to fully utilize it in a single year.
NYS Solar Rebate
New York State residential solar projects receive a rebate that reduces their upfront contract price. The rebate declines over time based on the amount of solar installed in different regions of the state. For residential projects in New York City, the state rebate is currently $.20 per Watt of solar installed.
Solar incentives and sky high electricity rates make NYC one of the best solar markets in the country. Rebates and tax credits can cover up to 70% or more of gross costs for most projects.
The New York Times
reports that solar is booming
Its “canopy” system offers tilted panels mounted nine feet in the air, which leaves enough space for a firefighter to swing an ax underneath, according to the company. Interest in the product and others offered by Brooklyn SolarWorks seems to have ramped up quickly.
Be the first to get solar in your neighborhood!
Schedule a free consultation with a Brooklyn SolarWorks consultant today.