More and more homeowners are choosing to go solar due to the many incredible benefits solar energy brings. Solar panels installed on homes help you cut energy costs, reduce your carbon footprint, and are a great way to upgrade your overall home efficiency. While people from across the country are choosing to install solar panels, New York State is by far the best state to go solar in due to its unparalleled incentives and initiatives. With tax credits and a great return on investment over time, it’s obvious why New York’s solar industry is booming.
Solar incentives in New York State
Solar panels are changing the world and the local and federal governments are finding ways to encourage homeowners to help expedite this change. Almost every state across the nation has incentives in place for homeowners who choose to add solar panels to their homes, but not all incentives are equal. The state of New York has completely embraced the power of solar energy and therefore it’s there that you’ll find some of the best incentives in the country.
According to Solar Reviews, some of New York’s best solar incentives are the new energy metering, solar rebates, low-income addition to the NY-Sun incentive, solar tax credit, and sales tax exemptions. For families who believe in the power of solar and are looking to help do their part to save the environment, these incentives are just an added perk to the lengthy list of advantages.
New York State tax credits are among the highest
The Empire State has consistently ranked at the top of the list for having the best solar tax credits in the country. In 2021 according to New York State’s government, the credit is equal to 25% of your qualified solar energy system equipment expenditures up to $5,000. There are a few ways to qualify for this benefit but the easiest way to be eligible to claim the credit is to purchase solar energy system equipment for your primary residence. If the system is installed and used at your principal residence in the state of New York, you automatically qualify.
These credits can help you keep more of your hard-earned money while also producing solar energy for your home and doing good for the environment. A good thing to note about this benefit is, if your tax liability isn’t high enough to claim the first year, you are able to roll it over into the next year. Combine this tax credit with the federal solar tax credit of 26% and you can really get a great bang for your buck.
You don’t pay sales tax on your solar energy systems in NY
In July of 2005 the state of New York enacted legislation which exempted residential solar energy systems from sales and compensating use taxes. This exemption applies to solar energy systems that are used to provide heating, cooling, hot water, and/or electricity in a residential property. Not only will you receive the tax credit for owning solar energy panels on your home, but you only need to pay for the equipment and installation without the added fee of additional tax.
Another great tax benefit of solar energy is the NYC Property Tax Abatement. The tax abatement is a reduction of property taxes that homeowners in the five boroughs can take advantage of for four years after their solar panels are installed. Over the course of those four years, the savings adds up to 5% of the after-rebate cost of the solar system.
The NY-Sun initiative is making amazing strides
New York State believes in the power of solar energy and is dedicated to making it more accessible through the NY-Sun initiative. This initiative is an incredible tool for residents who are interested in making the investment. It offers incentives and financing for homes and businesses, education so homeowners can make informed decisions, resources including training and tools, and community solar projects.
A lot of the incentives and tax credits are made possible due to New York’s Clean Energy Standard (CES). The state of New York has an ambitious plan to accomplish 70% renewable energy by 2030. The CES is designed to fight climate change, reduce harmful air pollution, and ensure a diverse and reliable low carbon energy supply. With so many incredible benefits of going solar and a state that is taking great strides to make the investment worth it, New York is a trailblazer in the United States for the solar energy initiative. Learn more about the advantages of adding solar panels to your home and reap the benefits of both helping to reduce your carbon footprint on the earth and saving money in the long run. If you’re looking to get started or learn more today, call the best solar company in New York, Surf Clean Energy today at (516) 960-6501!