Take Advantage of Local New York Tax Incentives for Solar Panels
Find out exactly how much solar will save New Rochelle, NY homeowners
What Is the Cost of Solar in New Rochelle, NY?
Are you considering solar panels for your New Rochelle property and curious about the cost? You might be surprised to learn that solar panels are more affordable in New Rochelle than in many other parts of the country. This is because New York offers its residents huge savings through solar tax credits, making it easier than ever to purchase solar panels in New Rochelle.
At Momentum Solar, we provide support to New Rochelle residents during all phases of the solar transition process. Our team has become one of the leading solar companies in New Rochelle because we offer the best solar financing options, top-rated solar panels, and an impressive 25-year warrantee on our panels.
How Much Do Solar Panels Cost in New Rochelle?
When you choose to work with Momentum Solar, the price of solar panels is inclusive of planning and installation fees – there are no hidden costs.
Homeowners who purchase their solar panels (with cash or through a loan) will be eligible for hefty solar tax credits that will lower the cost of their system in the very first year of ownership. New Yorkers are able to take advantage of both federal and state solar tax credits.
New York Solar Equipment Tax Credit
The NY solar tax credit provides a 25% discount on the overall cost of your New Rochelle solar panels. The refund is given in the form of a tax credit, allowing you to reduce your New York State income tax by the equivalent of 25% of the cost of your solar panels (with a cap of $5,000). The refund can be applied to subsequent tax years if you owe less than this amount in the given tax year.
Federal Solar Investment Tax Credit (ITC)
The federal solar tax credit works in the same way, but allows you to lower your federal income tax liability by the equivalent of 30% of the cost of your panels. This generous solar tax credit, however, has an expiration date as the government has announced plans to phase out the program. The refund will decrease to 26% in 2020 and 22% in 2021, before being discontinued completely for residential customers at the end of 2021. For New Rochelle residents who want to benefit from both of these solar tax credits, the time to act is now!
New Rochelle Solar Financing Options
While the greatest cost savings can be achieved by purchasing your solar panels in cash, this is not realistic for the majority of New Rochelle homeowners. At Momentum Solar, we offer our customers a few types of solar financing options to allow them to make the transition now while solar tax credits are at their peak, rather than later when the overall cost will be higher. The solar financing options we currently offer are:
- Solar loans – Momentum Solar offers competitive solar loan options to our customers. By taking out a loan, you’ll own your system and be able to take full advantage of solar tax credits, without having to wait years to save up money to buy your solar panels.
- Power Purchase Agreement (PPA) – PPAs are growing increasingly popular among New Rochelle homeowners. With this type of agreement, Momentum Solar owns your solar panels and is fully responsible for all associated costs, such as repairs and maintenance. You’ll pay a fixed rate for the energy generated by the system, providing you with cost savings and greater control over your monthly electric bill.
Schedule Your Solar Consultation Today
Want to learn more about the cost of solar panels in New Rochelle? The best way to fully understand your costs, savings, and solar financing options is to schedule a free, no obligation consultation with one of our expert solar installers. During this appointment, we’ll size up your house and energy needs so we can provide an accurate quote for the cost of your system. We will also take the time to answer your questions and provide you with information about our solar financing options.
This customer’s bill is estimated to be $150 lower than the previous bill.
What you can do next:
Discover a new way to save energy.