Solar Rebates Ny 2018

Arizona and massachusetts for instance currently give state income tax credits worth up to 1 000 toward solar installations.

Solar rebates ny 2018.

On bill recovery and smart energy loans. The new york solar tax credit can reduce your state tax payments by up to 5 000 or 25 off your total solar energy expenses whichever is lower. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The great advantages of the solar equipment tax credit are twofold.

On top of that intrinsic incentive new york has established an aggressive state rebates program for solar which will refund 1 750 per installed kilowatt hour up to 12 500 or 40 percent of the installed cost of your solar project. New york s residential solar tax credit is equal to 5 000 or 25 percent of the cost of your solar system whichever is less. New york state solar equipment tax credit. New york state tax credit.

New york s system equipment credit is one of the best state tax credits available for solar. The solar energy system equipment credit is not refundable. Download new york state forms and instructions. Check out the top utility net metering programs in new york.

For you to claim the new york state personal tax credit the system must be installed at your personal residence. 25 new york state tax credit. Solar is exempt from property tax and sales tax. Both homeowners and businesses qualify for a federal tax credit equal to 26 percent of the cost of their solar panel system minus any cash rebates.

Rebates are processed in the order in which they are received and can take up to 4 to 6 weeks for processing. Community solar is not eligible for the new york state personal tax credit. However any credit amount in excess of the tax due can be carried over for up to five years. For people who purchase solar systems in new york they are given a credit worth 25 of their system cost or 5 000 whichever is less.

In addition to incentives ny sun offers two loan options for residents. For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. Loan amounts are available from 1 500 to 25 000 with loan terms of five 10 or 15 years to help new york residents finance solar installation. You can also call our energy efficiency hotline at 800 995 9525 and ask for a rebate form to be mailed to you.

It applies to you even if you went solar with a lease or ppa. First you don t have to purchase your system to claim the credit i e. The federal government provides a solar tax credit known as the investment tax credit itc that allow homeowners and businesses to deduct a portion of their solar costs from their taxes.