Nyc Solar Panel Incentives

New york s megawatt block incentive is a direct generous incentive for solar.

Nyc solar panel incentives.

The system must also be installed and used at your principal residence in new york state. Net metering is a crucial policy that ensures you get paid a fair price for the solar electricity. Incentives are provided directly to your selected contractor and vary throughout the state. The most significant solar incentive available for new yorkers in 2020 is the federal investment tax credit itc.

The megawatt block incentive structure. In addition to incentive and financing options your business may qualify for federal and or new york state tax credits and rebates for getting solar. The itc entitles you to a tax credit equal to 26 percent or your system s value. How much is the credit.

When pairing energy storage and solar you may be eligible for an energy storage incentive in addition to the current ny sun solar incentive. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The second most important incentive for solar panel installations. The solar energy system equipment credit is not refundable.

For instance if your system costs 22 000 you could take a tax credit of 6 600 on your federal taxes. What are the best new york state solar incentives. New york state tax credit.