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.

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.

Co-ops and Condos can claim a 25% tax credit against their building’s solar investment. This credit can be divided among individual shareholders or owners on a unit equity basis, and can also be spread out over multiple tax years if an individual is unable to fully utilize it in a single year.

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 $.30 per Watt of solar installed which reduces out of pocket costs by roughly 5%.