06/09/2024
Attention all of our New York friends!!
New York State offers several incentives for solar energy through the New York State Energy Research and Development Authority (NYSERDA) to encourage the adoption of solar power. Here's a comprehensive list of these incentives for the solar market in New York City:
1. **NY-Sun Incentive Program**
- **Residential and Small Commercial**: Offers financial incentives for the installation of new grid-connected solar electric systems based on system size and sector (residential or small commercial).
- **Commercial and Industrial**: Provides incentives for larger solar electric systems for commercial, industrial, non-profit, and government-owned buildings.
2. **Solar Electric (PV) Incentive Program**
- **Megawatt Block Incentive Structure**: This program is divided into regions and sectors, with each block offering a certain incentive level per watt of solar installed. As each block is filled, the incentive decreases for the next block.
3. **Residential Solar Tax Credit**
- **State Tax Credit**: Homeowners can claim a state tax credit for 25% of the cost of the solar system, up to $5,000.
4. **Property Tax Exemption**
- **Solar Equipment Tax Exemption**: New York State provides a 15-year property tax exemption on the added value of the solar system to the home. This means that installing a solar system will not increase property taxes for 15 years.
5. **Sales Tax Exemption**
- **State Sales Tax Exemption**: Solar energy systems are exempt from New York State sales tax, reducing the upfront cost of installing a solar system.
6. **Net Metering**
- **Net Metering Policy**: Allows residential and commercial solar system owners to receive credit for excess electricity they generate and feed back into the grid. This helps offset future energy costs.
7 **Energy Storage Incentives**
- **Solar Plus Energy Storage Incentive**: Encourages the integration of energy storage with solar systems by offering incentives to install storage solutions, enhancing the reliability and efficiency of solar power.- ironically, the FDNY’s permitting process is currently not allowing for battery storage installation in the five boroughs. This will hopefully get amended soon.
By leveraging these incentives, residents and businesses in New York City can significantly reduce the cost of installing solar energy systems, making it a more attractive and viable option for clean energy adoption.
This is all in addition to the federal 30% ITC credit. There has never a better or easier time to switch to no upfront cost Solar.
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