A PV system in New York is a great investment. The state is cloudy but high electric bills make your solar panel system pay for itself several times during its lifespan. To make the switch to renewable energy easier, take advantage of New York solar incentives and rebates.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
The net metering policy in New York has made it easier for utility customers to sell excess solar power instead of storing energy in batteries. Your PV system will start to pay for itself primarily through the net metering program by selling solar energy that you haven’t used into the commercial grid and gaining credits from your utility company for it.
The credit value in New York is equal to your utility retail rate per kWh. Any unused credits will roll over to the next month and begin to accumulate in your “credit bank”. You can draw energy from there when your solar system generates less electricity than needed to zero out your bills.
One of the top net metering programs in New York is offered by National Grid. To get started you must first submit an application and only install your solar system once you receive interconnection acceptance. After your system is set up, it will be verified and tested to receive final approval.
New York PV System owners can avoid paying additional property taxes on the added value their solar system brings to their home by applying for a solar system tax exemption. This certificate will ensure any new PV system installed and its equipment will not be part of your property tax. Additionally, any such home improvement will definitely make it about 4% more valuable on the property market, says the Zillow report.
4%
this is how much solar panels increase the value of your house
NY-Sun offers a financing program known as Affordable Solar for loans anywhere from $1,500 to $25,000. The payback terms are 5, 10, or 15 years. This program is for homeowners with incomes below 80% of the median income in the state. Small commercial and non-profit organizations are also eligible for low-interest financing. Find more information on the NYSERDA website.
A solar easement contract is a written agreement between you and another party, for example, your neighbor. This type of contract helps to ensure that your PV system will always have adequate sun exposure, protecting you from potential obstacles. It is voluntary, but can not be canceled unless a specific clause is included in the document. Once signed, it is tied to the land, not the owner.
Check out solar panels near you!
Looking to build a home solar system? Check out solar panels that we have for sale in New York
SHOP SOLAR PANELS
Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
More articles from this authorStay tuned
Learn about the latest arrivals and discounts first!
U.S. Climate Bill: 30% Solar Tax Credit comes back
Take my energy: What is net metering and how it works
