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Solar Panels for Condos in NYC

Most NYC homeowners live in multi-family buildings, such as co-ops, condos and rental properties. Whether for shared common area demand only or for individual unit consumption, BSW can offer different solar models that match your board’s specific goals and priorities. And since multi-family residents and property owners can take advantage of the same local, state and federal tax credits available to single-family homeowners, solar panels for condos offer an impressive return while boosting overall property value.

An HDFC Co-operative in Crown Heights combining canopy and tilt rack solar installations to maximize capacity.
An HDFC Co-operative in Crown Heights combining canopy and tilt rack solar installations to maximize capacity.
A tilt rack solar system installed next to an existing deck on a 10-unit, landmarked co-op in Cobble Hill.
A tilt rack solar system installed next to an existing deck on a 10-unit, landmarked co-op in Cobble Hill.

Value

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.

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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

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.

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.

Federal Solar Income Tax Credit

Your Out-of-Pocket Cost

Up to 70% Covered

NYC Solar Property Tax Abatement

NYS Solar Income Tax Credit

NYS Solar Rebate

Let’s Talk

Ask Us About:

  • NYS’s special rebates for low and moderate income buildings, including HDFC co-ops.
  • Special additional rebates for solar canopies on multi-family buildings.
  • How individual unit’s can realize electricity bills savings through community solar.
Payback Period

4-5 Years

Let’s Talk

Ask Us About:

  • NYS’s special rebates for low and moderate income buildings, including HDFC co-ops.
  • Special additional rebates for solar canopies on multi-family buildings.
  • How individual unit’s can realize electricity bills savings through community solar.

BSW
Insurance Package

We’re committed to your system’s performance, monitoring, and payback.

We’ve got you, and your roof, covered.

30-year solar system warranty

30-Year Total
System Warranty

All BSW solor systems come with an industry leading 30-year warranty that covers all aspects of the system including the panels and inverter.

solar power production guarantee

Power Production
Guarantee

We guarantee your solar production. If your system fails to perform as expected, BSW will provide cash compensation to cover the loss in savings.

24/7 solar system monitoring

24/7 Real-Time
Monitoring

Systems report performance data to our monitoring staff who are notified if irregularities occur. Data is reviewed monthly to ensure systems are producing as designed. Customers can also track performance via their individual monitoring portal.

Completion Timeline

Average project completion time from contract signing: 2-3 Months

 

Scroll over project steps for full details.

Assessment & Proposal

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Project Initiation
(1 Month)

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Permit Application
(1 Month)

 Approval Icon

System Installation
(1-3 Days)

 Installation Icon

Inspection & Meter Swap
(2 Weeks)

 Inspect Icon

Tax Season

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Assessment & Proposal

BSW survey specialist completes 1-hour home assessment; You review project proposal with BSW solar consultant, and discuss tax credit eligibility with your accountant

Project Initiation
(1 Month)

You choose solar system size, sign contract, pay $3,000 down payment; BSW drafts project plan set and completes professional engineering review.

Permit Application
(1 Month)

BSW submits stamped plan set and building and electrical permit application to NYC Department of Buildings; awaits approval.

System Installation
(1-3 Days)

You schedule convenient day/time & pay remaining installation fee; BSW orders equipment, installs solar system at your home.

Inspection & Meter Swap
(2 Weeks)

BSW schedules ConEd meter swap and DOB electrical and building inspections; You provide access for swap and inspections (1 hour each).

Tax Season

BSW supplies state and federal tax forms; You claim our solar tax credits (& repay bridge loan if needed)

Anatomy of a Solar System

Residential solar systems are surprisingly simple, consisting of only a few main components located on the roof and in the basement. BSW’s experienced installation team can complete a typical project in just one day with minimal disruption to your home and routine.

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