The 26% Federal tax credit is available for solar systems purchased and installed by December 31, 2022. This is not a tax write-off or deduction, but a credit against your income taxes that you can claim in the form of a larger income tax return.
In addition to the Federal Tax Credit, New York State also offers a tax credit of up to $5000, for solar panel systems purchased. The solar energy system equipment credit is not refundable. However, any credit amount in excess of the tax due can be carried over for up to five years.
Homeowners can receive up to $1,000 for every kilowatt (kW) of solar power installed. Net metering allows you to store energy you produce for use at a later date. This decreases your electric bill and puts money back in your pocket where it belongs.