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Solar Tax Credits in New York – Act Now for Huge Savings
New York has seen a steady increase in residential solar installations over the past 10 years. This is largely due to the generous financial incentives offered by the state that reduce the cost of solar panels in New York. In most states, the federal government’s solar Investment Tax Credit (ITC) is the only tax credit available to homeowners who want to transition to solar. Residents of New York are in a unique position to take advantage of both federal and state solar tax credits. Added together, these credits can substantially lower the cost of solar panels in New York.
Momentum Solar is one of the leading installers of solar panels in New York. Our team can help you make the most of NY solar tax credits and present solar financing options to help you to capitalize on these tax credits before they expire.
New York State Solar Tax Credit – 25% Savings
The New York Solar Equipment Tax Credit allows New York residents to reduce the overall cost of their solar panels by 25% (up to $5,000). This program allows you to deduct the amount of income tax you owe by the equivalent of 25% of the cost of your solar panels. NY’s solar tax credit can also be rolled over to subsequent tax years if you do not have a high enough tax liability in a single year.
The following must be true to qualify for the NY solar tax credit:
- You must be a resident of NY State
- You have income tax liability in NY
- The solar panels are installed at your primary residence (e.g. not a vacation home)
Unlike the federal solar tax credit, this credit is also available to those who have a solar lease or PPA (power purchase agreement). If the term of your lease or PPA is at least 10 years long, you may be eligible for the New York solar tax credit.
Federal Solar Investment Tax Credit (ITC) – 26% Savings in 2021
One of the most popular and claimed solar incentives, the ITC has made it possible for countless numbers of Americans to make the transition to solar. The full solar tax credit will only be available until the end of 2023. The rebate amount is set at the following rates for the next few years:
- 2023: 22% reduction in cost of solar panels
- 2024: 10% reduction in cost of commercial solar panels*
Clearly, the time to act is now. If you are thinking about making the transition to clean, renewable solar energy, you should consider your options sooner rather than later to take full advantage of the federal solar tax credit.
Solar Financing Options in New York
If you want to capitalize on both solar tax credit programs while they offer the highest refund amount, but cannot purchase your NY solar panels in cash, we have a few financing options that may appeal to you. At Momentum Solar, we are committed to offering the solar best financing options in New York to our customers, including:
New York Solar Loans
We offer several solar loans with competitive rates and terms. A solar loan gets you solar panels while allowing you to take full advantage of the NY and federal solar tax credit.
New York Power Purchase Agreement (PPA)
A Power Purchase Agreement is another way to get solar panels. In this arrangement, Momentum Solar will own your solar panels and you will only pay for the electricity generated.
Schedule a Free Consultation with Our New York Solar Installers
We are proud to be one of the leading solar installers in New York. Our team is committed to helping making the transition to solar as smooth as possible by offering support at all phases of the process. We will help you with solar financing options, explain how to leverage NY solar tax credits, and guide you through the entire installation process. When our job’s done, we will be there to maintain your system for the years to come.
To get started, contact our NY solar installers today to schedule your free consultation – it’s an easy, no obligation way to learn more about Momentum Solar and get an exact cost of a solar system for your home.
Find Out if Switching to Solar is Right for You
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