There are several ways to reduce costs on rooftop solar power in New York. As one of the most progressive states in renewable energy, there are dozens of incentives, programs, tax credits, and initiatives to help you offset solar power expenses. No matter whether you are installing a solar systems for a residential property, commercial facility, or local municipality, there are likely several solar power financing programs that you qualify for. Before you buy solar panels in New York State, there are several strategies to familiarize yourself with. Read on to learn about how to reduce costs on rooftop solar power in New York.
New York State Solar Equipment Tax Credit
The NYS solar equipment tax credit is an essential resource to reduce your rooftop solar power purchasing and installation expenses. The state sponsored program provides a tax credit for up to twenty-five percent or $5,000 of your total solar expenses, depending on which is lower. Through participating in the solar equipment tax credit program, you can immediately reduce your clean energy installation expenses by up to $5,000. Even better, the credit can be rolled over into the following year if your tax liability is not large enough to claim the full value of the NYS energy credit. The NYS solar equipment tax credit is an essential resource to lower your solar installation costs.
NY-Sun Initiative
The NY Sun initiative is an essential financing resource to offset your rooftop solar power installation costs. The Sun initiative was originally formed to make solar power more accessible to New York residences, properties, and municipalities. Currently, the Sun initiative offers sustainable energy incentives and financing options for your residential or commercial property. At the same time, the program increases renewable energy education and allows more New Yorker’s to participate in community solar projects. Even better, the Sun initiative currently offers a number of valuable, local government resources, training, tools, and assistance. With the support of the NY Sun initiative, you can reduce installation costs, mitigate renewable energy barriers, and make informed decisions for your rooftop solar project in New York State.
Megawatt Incentive Structure
The Megawatt Incentive Structure is one of the largest, and most generous programs available to reduce the cost of rooftop solar power for your New York property. The Megawatt Incentive Structure is one of the solar incentives offered under the NY-Sun initiative mentioned earlier. The incentive program offers a cash value rebate for every watt of solar energy produced. As a performance-based initiative, the value you are able to claim largely depends on the size and capacity of your system. At the same time, the Megawatt Incentive Structure is additionally dependent on the volumes of solar energy currently being produced in your area. To learn more about the incentive structure, be sure to work alongside experienced solar panel installers in NY. Before installing your renewable energy system, be sure to consider the Megawatt Incentive Structure to reduce the costs of solar power in New York.
Sales & Property Tax Exemption
Installing your renewable energy system in New York, you likely qualify for several additional sales and property tax exemptions. When properly obtained, these state tax exemptions can help you greatly reduce the costs of solar power in NY. Currently, New York State offers sales tax exemption on solar water heat, space heat, and photovoltaics that are installed in residential or multi-family buildings. At the same time, many NY residential installations qualify for a fifteen-year additional property tax exemption. This tax exemption shields you from additional tax increases on your residential property. When you install your renewable energy system, be sure to look into sales and property tax exemptions to reduce the costs of solar power in New York.
New York Net Metering Program
New York’s net metering program is an excellent initiative to reduce costs of your solar power system. Similar to the Megawatt Incentive Structure, the net metering program is a performance-based initiative. Therefore, the larger and more powerful your renewable energy system is, the larger rewards you will be able to claim. Under the net metering agreement, you can sell excess solar power that you generate back to the grid. In New York State, there are three major electricity grids that you can redistribute your excess solar energy to. Even better, under net metering agreements, you can redistribute excess energy back at market rates.
There are several ways to reduce the cost of solar power in New York. One of the easiest ways to calculate your potential savings is by using a New York solar savings calculator. The NYS solar equipment tax credit is an essential resource to reduce your rooftop solar power purchasing and installation expenses. The NY Sun initiative is an essential financing resource to offset your rooftop solar power installation costs. At the same time, the Megawatt Incentive Structure is one of the largest, and most generous programs available to reduce the cost of rooftop solar power for your New York property. Even more, installing your renewable energy system in New York, you likely qualify for several additional sales and property tax exemptions. Finally, New York’s net metering program is an excellent initiative to reduce costs of your solar power system. Consider the points mentioned above to learn about how to reduce costs on rooftop solar power in New York.
