There are several ways to save on your solar installation Orangeburg NY. According to recent data, the average 6kW solar system costs about $14,000 in New York. Undoubtedly, this is a sizable investment for any homeowner. As a resident in the market for solar, you need to know how you can maximize your savings. Fortunately, New York state offers incentive and rebate programs to lower your installation costs. In addition, the state also has financing options to help homeowners pay for their rooftop solar system. Read on to learn about the most effective ways to save on your solar installation Orangeburg NY.
Federal Income Tax Credit
First, the federal income tax credit is a great way to lower your Orangeburg NY solar installation costs. With this incentive program, you can claim 26% of your solar system costs. Notably, this credit gives you a dollar-for-dollar reduction against your federal income tax. In addition, you can divide this over multiple years if necessary as well. Importantly, this incentive is set to drop to 22% for homeowners in 2023. By 2024, it will no longer be available. Therefore, you should start your solar installation with the best Bridgewater solar panel company and other areas between 2021 and 2022 to maximize your savings. To access these lower costs, you must finance your solar system through a solar loan or through cash options. Indeed, customers who lease their system from their provider are not eligible for this program. Absolutely, the federal income tax is a great way to lower your Orangeburg solar costs.
NY Income Tax Credit
Next, the NY income tax credit is another way you can lower your Orangeburg solar installation costs. Notably, this income tax credit is equal to 25% of your solar system costs, up to a maximum of $5,000. To claim this tax credit, you just need to fill out a one-page form through the NY Department of Taxation and Finance. Importantly, this form explains that your solar panel system must be used for electricity, heating, cooling, or hot water. In addition, it states that all purchases, power purchase agreements (PPA), and leases qualify. If you purchase your system through a PPA or a lease, the department calculates your credit against your monthly payments. With significant savings so easily accessible, apply for the NY income tax credit to lower your Orangeburg solar installation costs.
New York Megawatt Incentives
In addition, the New York Megawatt incentives can also lower your solar installation costs Orangeburg NY. This state-level program awards funding to people living in three separate zones. Importantly, the amount amount is based on the number of solar panels already installed there on a per-watt basis. As the solar capacity of a particular region rises, the amount that homeowners are eligible to receive declines until the region is maxed out. Currently, Megawatt Block incentives provide about $0.30 per watt for residential systems. With a 4 kW system, this means you can receive about a $1,200 grant. Ideally, you should take advantage of these grants as soon as possible. Indeed, they will decrease as more residents switch to solar. Definitely, apply for the New York Megawatt incentives to save on your Orangeburg rooftop solar installation cost.
New York Property Tax Exemption
Moreover, you can also save on your Orangeburg solar installation with the New York property tax exemption. Notably, the state provides a 15-year property tax exemption for renewable energy systems. Indeed, you can access these savings as long as your jurisdiction does not opt out. In addition, going solar can significantly increase the value of your property as well. This is because solar installation Passaic County NJ and other areas can keep electric costs so low. Importantly, the property tax exemption law applies to the value that your solar electric system adds to your home. Undoubtedly, the New York property tax exemption is a great way to save on your Orangeburg solar installation for the long-term.
Furthermore, New York State Energy Research and Development Authority (NYSERDA) loans can also make your Orangeburg solar installation more affordable. Fortunately, NYSERDA offers several loan options to lower interest rates for lower-income residents. For example, the On-Bill Recovery loan makes it easy to pay and manage your installation costs. Indeed, NYSERDA adds these as a line to your monthly utility bill. If you decide to move, the unpaid balance easily transfers to new homeowners. Typically, these loans are available from $1,500 to $25,000 over five, 10, or 15 years. Additionally, Companion Loans offer additional financing for projects that exceed the $25,000 cap for the On-Bill Recovery loan. Certainly, apply for a NYSERDA loan to finance your Orangeburg solar system.
There are several ways to save on your solar installation Orangeburg NY. First, the federal income tax credit can significantly lower your solar savings. Next, the NY income tax credit provides savings up to $5,000 for almost any solar customer. In addition, New York Megawatt Block incentives also offer grant financing to solar customers. Moreover, the New York property tax exemption allows you to save on solar tax payments for 15 years. Furthermore, apply for a NYSERDA loan to access more system financing. Of course, you can also look into the different types of solar homes New York as well. Consider these ways to save on your solar installation Orangeburg NY.