New York Solar Incentives
*Federal & State Tax credits are subject to individual tax liability*
Federal Tax Credit
The Federal Government offers a tax credit that covers 30% of a solar system’s overall cost. The credit is a dollar-for-dollar credit against your personal income taxes. The entire amount can be claimed in one year and it will come back on the following tax return.
State Tax Credit
New York State offers a credit equal to 25% of your solar energy system equipment cost and is limited to $5,000. If the entire amount cannot be claimed in the first year, it can be rolled over for a period of 5 years.
Property Tax Abatement
Individuals residing in the 5 boroughs are able to enjoy a property tax abatement of 30% of the solar system’s cost, evenly spread out over 4 years.
Net Metering
Earn credit for solar generation that is exported to the grid based on the retail price of electricity, known as a 1-to-1 credit. This credit is used to offset the cost of using grid electricity when solar panels are not producing. Unused credits roll over from month to month, to be used in the future!
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