Why Grid City Electric
We are a well diversified electric company with established divisions proven to stand the test of time of changes in the new solar industry. Solar is a brand new market with future growth and changes in the industry. The average solar company is only that, a solar company. The foundation of their business is not solid with this new industry. Trust Grid City Electric, the solar energy company built to last and support you.
New York Property Tax Exemptions For Energy
New York offers property tax exemptions for installed solar systems. Property tax exemptions allow businesses and homeowners to exclude the added value of a system from the valuation of their property for taxation purposes. A Solar PV system can increase the value of your home by a multiple of 20 times your annual electricity savings . A property tax exemption makes it more economically feasible for a taxpayer to install a solar system on a residential or commercial property.
New York Solar Rebates
Through the NY-Sun PV Incentive Program, New York residents statewide are looking at rebate rates of $300-$350 per kW on solar installations up to 25 kW. That means you can expect a rebate of $1,800-$2,100 on a 6-kW system. Be aware, however, that these numbers are on the decline as state solar capacity goals are met. Long Island is already out of funding, so dont be late to the awesome incentives party if you live in other areas of New York!
You May Like: How To Get Sole Custody Of A Child
What Has Changed From The New York State Solar Incentives 2021
New York State solar incentives 2021 convinced thousands of people to make the switch to solar. New York State solar incentives 2021 probably made as much of an impact as any other motivation.
There are plenty of advantages to solar. The right system can leave a smaller carbon footprint, and youll be less reliant on the grid . New York State solar incentives 2021 also make it more affordable to get solar.
Lets face it, the cost is important whenever making a major investment in a home or business. The cost of solar without New York State solar incentives 2021 would have left many people unable to reasonably afford the switch.
New York State solar incentives 2021 were based on both a tax incentive and an NYSERDA incentive. Combined with a very generous federal tax credit, solar was more compelling throughout the year.
Dont worry if you havent made the switch to solar with the New York State solar incentives 2021. For 2022 and beyond, things will be similar. The federal government has committed to maintaining its tax credit , and the state government is still very committed to helping people get solar at their homes.
Net Energy Metering In New York
With net metering in some states, you get full retail rate credit for the amount of electricity you send back into the grid with your solar panels.
In New York, utility companies are currently required to provide net metering services for residential systems up to 25 kW. Any net excess electricity generation is generally credited to your next bill at retail rate. However, for residential solar in New York, excess generation is reconciled annually at the avoided-cost rate.
A recent update to the policy requires utility companies to give you the opportunity to choose when this pay period ends to avoid cashing out at a disadvantageous time. Pretty sweet, huh?
In 2017, the New York Public Service Commission issued an order regarding the future of net metering in the state. The order outlines the move from traditional net metering into a Value of Distributed Energy Resource tariff that accurately values and compensates distributed energy resources.
Youll get to avoid VDER for another year, as the deadline to net meter for the next 20 years has been extended for solar installations which are completed before January, 2022.
After 2020, expect a 20 year contract, where your Net Excess Generation accrues until the end of an annual period, then at the end of each annual billing cycle youll be paid at the utility’s avoided-cost rate for any unused NEG.
Don’t Miss: How Much Can Solar Panels Save Me
How Much Solar Energy Can I Produce In New York
Knowing the number of peak sun hours, you can estimate how much solar energy New York can give you. For example, an average 5kW PV system can produce up to 7,115 kWh on a sunny day. Dont forget that it isnt only the amount of sunlight which influences your daily solar energy generation, but also:
- technical characteristics of solar panels
Solar Incentives In Ny Wont Last Forever
The government solar incentives in NY are lucrative today, but they wont be around forever. As more people transition to solar and the state and federal government meet their environmental goals, the incentives are likely to decrease or possibly disappear altogether at some point.
Long Island Power Solutions is here to help you understand New York State solar incentives so that you can significantly offset the cost of installing clean and reliable solar.
Also Check: How To Calculate Solar Needs
Find Out If Switching To Solar Is Right For You
Momentum Solar is one of the leading residential solar contractors in the United States. Recognized by Inc. 500 as one of the fastest-growing private companies, Momentum Solar employs over 2,000 people nationwide. We operate in New Jersey, New York, California, Florida, Texas, Connecticut, Pennsylvania, Arizona, Nevada, and Massachusetts. Momentum Solar is an owner-operated business committed to providing savings for customers while helping the environment by providing clean, affordable electricity.
Support
You May Like: When Can Babies Eat Solid Food
Solar For All Eligibility
- Are a homeowner or renter
- Pay your own electric utility bill
- Meet income eligibility requirements
- Are located in a service territory that pays the System Benefits Charge
- Have used a minimum of 1,000 kWh over your last twelve months of electric bills.
Income eligibility is based on your household monthly and annual income. Refer to the table below to see if you qualify:
| Number of People | |
|---|---|
| $8,712 | $104,540 |
*The current income guidelines for Solar for All are set at 60% of the state median income.
Recommended Reading: How Much Tesla Solar Roof Will Cost
New York State Solar Equipment Tax Credit
The New York solar tax credit can reduce your state tax payments by up to $5,000 or 25% off your total solar energy expenses . The great advantages of the Solar Equipment Tax Credit are twofold: first, you dont have to purchase your system to claim the credit , and second, if your tax liability isnt large enough to claim the entire credit in the first year, you can roll it over into the next year.
You May Like: What Is Federal Tax Credit For Solar
Reforming The Energy Vision
The ultimate goal of the REV Initiative is to reinvent New York State’s energy systems with a focus on ‘distributed energy’ technologies like rooftop solar panels and energy storage. Although it does not directly subsidize rooftop solar power, its ultimate aim is to level the playing field for distributed energy vs centralized power plants through market reforms.
Don’t Miss: Off Grid Solar Kits With Batteries
Rooftop Solar Leases Scaring Buyers When Homeowners Sell
A recent article lists experiences of homeowners who have had a solar lease and faced various challenges when attempting to sell a house. Thats because instead of owning them the leased the panels the the new owner of the house is required to assume a lease contract. Many sellers need to shave the asking price by the remaining cost of the lease , to draw in buyers unfamiliar with the financing arrangement. Read More in this article By Will Wade, Bloomberg.
Summary Of New York Solar Incentives 2022
New York is the best place to go solar in the country. Legislators have created the right mix of industry and residential programs to spur on an 1,800% growth in distributed solar installations since 2011 with over two gigawatts installed. Things are looking bright for the future, as the state is on pace for six gigawatts installed by 2025.
Between the New York state solar rebates and federal tax incentives, you could save 40% off the up-front cost of solar, and your panels will pay themselves off in just a few short years, leaving you with free electricity for the next few decades!
Recommended Reading: Solar Panel Cost For Home
New York State Solar Tax Credit
In addition to the 26% Federal Tax Credit, you can qualify for a sizable 25% New York solar tax credit. You simply take 25% of your total installation cost and file this handy New York tax form IT-255 to receive the credit.
Be mindful, theres a cap of $5,000 on this. So, if your cost is more than $20,000, you wont get a tax credit bigger than $5,000 back from the state.
Recommended Reading: How Many Solar Panels To Run A House
Solar Renewable Energy Certificate
A Solar Renewable Energy Certificate , sometimes referred to as a Solar Renewable Energy Credit, is another type of state-level solar incentive. After you install your solar power system and register it with the appropriate state authorities, they will track your systems energy production and periodically offer you SRECs as a benefit. You can sell your SREC to your local energy utility to provide payment thats typically considered taxable income.
Compare Quotes From Top-rated Solar Panel Installers
Select a State To Get Started With Your No Commitment, Free Estimate
Recommended Reading: How To Become A Solar Sales Representative
What Is A Tax Credit
Tax credits are a powerful tool that can help you reduce your taxable income and directly impact your annual tax bill. A dollar-for-dollar reduction of the income tax you owe, a tax credit can reduce the amount of tax you owe or increase your tax refund. They also differ from deductions and exemptions.
How Solar Works For You
Solar power offers homeowners and renters many benefits, including:
- Saving money through reduced electricity bills
- Accessing federal, State, and local tax credits for eligible solar projects
- Creating stability during periods of electric rate changes
- Contributing to a cleaner and healthier community by reducing your carbon footprint
Don’t Miss: Can You Install Solar Yourself
Looking For Free Solar Panels Try Financing Your System With A Solar Loan Instead
The revolutionary thing about solar leases was that they made it possible for virtually anyone with a roof to go solar, regardless of whether they had cash in the bank to purchase a system. Solar leases were crucial in removing barriers to entry back when solar system prices were prohibitively high.
But times have changed substantially since solar leases were introduced. Solar systems are now more affordable than ever, now that financing options other than solar leases have become viable. The most important of these is the solar loan, which combines the zero-down aspect of the solar lease with the benefits of system ownership .
The falling cost of solar
So before you sign up for the first free solar panel or no cost solar program deal that comes your way, make sure you understand what youre being offered and that youve considered all of your other options. In other words, be a smart solar shopper.
Recommended Reading: What Can A 120 Watt Solar Panel Run
What Is The Nyc Solar Property Tax Abatement
The NYC Property Tax Abatement for solar allows NYC homeowners to claim 20% of solar system costs as a property tax abatement with the NYC Department of Finance. It is divided into annual 5% installments over a four year cycle, not to exceed any one years property tax liability.
Be aware: the NYC PTA will only be available for projects installed through 2023.
Recommended Reading: How Much Is The Cheapest Solar Panel
New York Sales Tax Exemption For Energy
New York offers sales tax exemptions. A sales tax exemption means that homeowners and businesses would not have to pay any state sales tax on their solar panel system. Combine New York’s high electric rates, property and sales tax exemptions and the 30% Federal tax rebate and you have extremely compelling reasons to go solar in New York!
What Is The New York Solar Tax Credit
Perhaps the biggest solar incentive in the state of New York is the Solar Energy System Equipment Credit.
As explained by the New York State Department of Taxation and Finance, this tax credit is available to anyone who engages in a new solar project for their place of residence, whether thats through purchasing solar energy system equipment, signing a solar lease, or even committing to a power purchase agreement of solar energy generated by equipment owned by another entity .
Per the New York State Energy Research and Development Authority , for any of the above New York solar energy engagements, the person making the purchase or signing the lease or PPA is entitled to a state tax credit of up to 25% of total expenditures .
Its important to note that the New York solar tax credit is not refundable, meaning it reduces your tax liability but is not paid directly if that credit exceeds your expected tax payments. However, any excess credit can be carried over to future tax filings for up to five years.
To further explain how the tax credit works, weve included a video from SunPower, one of the nations leading solar providers.
Don’t Miss: Solar Sun Screens For Windows
State Property Tax Exemptions In New York
New York State doesnt have a statewide property tax exemption but does allow local governments to offer such. This can be up to a 15-year real property tax exemption for solar, wind energy, and farm-waste energy systems constructed in New York State.
As currently effective, the law is a local option exemption, meaning that local governments are permitted decide whether or not to allow it. The exemption was mandatory prior to a 1990 reenactment in which the local option clause was added. The exemption is valid unless a government opts out of the exemption, as opposed to the more common practice of requiring governments to opt-in in order to offer an exemption.
Free Solar Panels In Ny: Too Good To Be True
As of early 2015, about 600,000 homes in the US have solar panels, according to the Solar Energy Industries Association. You may be hoping to join the ranks because solar panels are a premier source of clean energy, but they cost a lot to get started right? Arent solar arrays reserved for the wealthy elites and multimillion-dollar companies?
Solar panels in Rockland and Orange County may not come completely free, but there are many ways to defer the costs. You can afford to install a solar energy system on your New York home with the help of solar incentives, tax credits and financing options. Take a look at your options to see how you can achieve nearly free solar panels in NY.
Solar Incentive: Renewable Energy Certificates and Net Metering
Some of the nations power companies are required to obtain a portion of their electricity from renewable sources. To facilitate this, many offer Solar Renewable Energy Certificates to solar panel owners. This excellent solar incentive helps people who purchase solar panels outright defer the costs quickly.
One certificate is equal to 1,000 kilowatt-hours of energy. The price fluctuates as energy costs go up and down, but NPR says they were selling for around $200 in February, 2015. The news organization also highlights one homeowner in Maplewood, New Jersey who accumulates enough excess energy from her solar array to sell about seven RECs per year.
Solar Incentive: New York State Energy Research and Development Authority
You May Like: How Much Does It Cost To Install A Solar Farm
How To Get Free Home Solar Power
Free home solar power installation is tied to a solar lease or power purchase agreement. Leases and PPAs are very similar and you can read the details of each on other pages within this site. The way it works is easy a solar power service provider installs solar power panels on your home at no charge and you agree to lease the home solar system for a period of time, the amount of time varies from provider to provider, usually it is around 20 to 25 years. The amount you pay the solar leasing company is less than your current monthy utility bill by as much as 50% depending on the area you live in. You start saving money the minute the power is turned on with no out of pocket costs.
The way the solar service provider makes their money back to cover the cost of the panels, installation, permits, monitoring and maintenance of the system for the term of the lease is by acquiring the incentives, rebates and net metering profits from the syatem the install for you at no charge.
What Is The Ny
Another quite notable and beneficial incentive for solar purchases is the New York Solar Rebate, known as the NY-Sun Megawatt Block Incentive, which is also offered by the NYSERDA. Unlike the solar tax credit, this program applies not just to residential solar systems but also to nonresidential, industrial and commercial solar installations.
Specifically, the NY-Sun initiative offers up-front discounts for installed solar systems on a dollars-per-watt basis in the form of a direct cash rebate. The exact amount that a new installation can expect to receive is dictated by the region of New York its in, how many of the allotted rebates in that region have already been paid out, the size of the system, and the timeframe in which installation is completed.
Generally speaking, though, the New York solar rebate starts as low as 15 cents per watt and can rise all the way up to $1 per watt, making up over half of the cost of installing solar in the best-case scenario.
Recommended Reading: Are Free Solar Panels Really Free
