Can getting solar in New York benefit me?
New Yorkers have seen drastic electric rate hikes over the past several decades. Not only have prices gone up, but with electric vehicles and remote work, people are using more electricity than ever.
To cut down on electrical costs, thousands of New Yorkers have been making the switch to solar energy. Unfortunately, high upfront costs and long pay back periods have made some people hesitant to make the switch.
Thankfully, New York state has implemented many incentives to help its residents install solar panels so that they can start saving money on their electric bills!
What solar incentives are available in New York?
Residents of New York can take advantage of a number of both state and federal incentives to get solar installed. By using these helpful government programs, a New Yorker can get a solar project installed that will pay for itself in 7-10 years. This is an amazing deal considering that most of these solar projects are warrantied for 25 years and are expected to work long after that. That’s decades of “free” electricity!
The most important incentive solar owners should take advantage of is the Renewable Energy Tax Credit. This is a federal benefit that allows homeowners to receive 30% of the total cost of their project back at tax time. This credit has seen many changes over the past few years, but with the signing of the Inflation Reduction Act, this tax credit is set to last for another decade.
Another great benefit that is exclusive to New Yorkers is the New York State Solar Equipment Tax Credit. New York is highly motivated to increase the number of installed solar projects statewide. This tax credit is equal to 25% of the cost of equipment that is installed to complete your project. This means that depending on the size of your system, with both federal and state tax credits you can receive over 50% of project costs back at tax time.
The last main incentive that New Yorkers get to take advantage of is Net Metering. Net Metering is the process where the utility company compensates solar energy owners who send their excess energy back to the grid. Solar owners are issued credits by the utility company that can be used when the sun isn’t out or during winter when there are fewer sunny days. Net Metering is a great program for helping solar energy owners ensure that they are getting the full benefit of installing a solar project.
If you are a New York resident and you have thought about having solar energy installed on your home, we’d love to hear from you. Feel free to reach out and talk to one of our solar experts today!