Federal Solar Investment Tax Credit (ITC) – The 26% federal solar tax credit is available for properties that purchase and have their system installed by December 31, 2022. In 2023, the solar tax credit drops to 22%. In 2024 it will be fixed at 10% for commercial properties and permanently end for residential properties.
Net Metering – New York State operates an annual form of net metering. Net metering allows the electric grid to store the electricity produced by your solar energy system to use at a later time and helps maximize the investment in your system. When your solar panels produce more electricity than your property uses during the day, the unused electricity is sent back to the grid. When your property uses more electricity than your solar panels produce, your property draws electricity from the grid. At the end of your billing cycle, your property is charged for the balance or “net” of what you put into the grid vs. what you took off the grid.
NY State Solar Energy System Equipment Tax Credit – There is a 25% New York State solar tax credit available for solar energy systems installed in New York State. Maximum of $5,000.
NY-Sun Megawatt (MW) Block Program – Property owners can qualify for compensation for every kilowatt (kW) of solar energy installed (up to $1,000).
Solar Electric Generating System Tax Abatement (SEGS) – Installing a solar energy system will boost the value of your property but your property taxes won’t go up This tax exemption adds additional value to your property.
Residential Solar Project Sales Tax Exemption – State sales tax exemption for components of residential solar energy system.