Solar isn’t just good for the planet…it’s good for your wallet too.
Net metering is one of the best financial benefits of going solar. It is a billing mechanism that allows you to store your solar energy as a retail energy credit to be used at a later date.
As a residential solar owner, you remain connected to the grid. When your solar PV system is installed, a net meter is installed with it. This net meter tells the utility company how much energy your solar system is exporting to the grid. During the day, your solar system will likely produce a lot more energy than you’re actually using. All of that excess energy feeds back into the grid, and Con Edison will compensate you for it in retail energy credits applied to your future bills.
In this way, net metering in its current form could be considered a virtual battery. It allows you to utilize your solar production even when the sun isn’t shining.
NYC Solar Tax Incentives
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.
NYC is Going Solar
“There’s a lot of folks that are fired up about trying to make a difference in New York City,” T.R. Ludwig, CEO of Brooklyn SolarWorks said.
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.