As of september 2020 the average solar panel cost in new york is 2 91 w given a solar panel system size of 5 kilowatts kw an average solar installation in new york ranges in cost from 12 368 to 16 732 with the average gross price for solar in new york coming in at 14 550 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the.
New york state solar power rebate.
Detailed information on available incentives and loans for residential customers going solar.
The system must also be installed and used at your principal residence in new york state.
In addition to incentives ny sun offers two loan options for residents.
On bill recovery and smart energy loans.
If your property isn t ideal for solar panels or you are not a homeowner community solar may be right for you.
For installers and contractors the new york state energy research and development authority nyserda currently offers a rebate for pv systems for residential sites in any region 25kw or less.
How much is the credit.
After the tax credits we subtract your first year s energy savings which we estimate to be 1 483.
At the federal level under the residential renewable energy tax credit taxpayers can claim up to 26 of qualified expenses for investing in a solar system for a home you own and live in.
That reduces your cost after the first year to only 8 485.
The program provides an up front dollars per watt w rebate for both commercial and residential solar panel systems.
The size of your subsidy depends on how much solar energy is already being produced in your area and could be as high as 1 w.
New york state tax credit.
The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000.
Eligible costs include labor on site assembling and installing the system and the cost of all related piping and wiring.
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.
25 of the 19 840 cost of this system earns a ny state tax credit of 4 713 leaving only 9 969 after tax breaks.
Solar incentive and financing options.
The megawatt block incentive structure.
Next comes the new york solar tax credit of 25 of costs up to 5 000.
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.
New york residential solar tax credit a similar tax credit is available at the state level for systems up to 25 kilowatts in capacity.
Guidance on determining federal and or new york state tax credit eligibility.
New york s megawatt block incentive is a direct generous incentive for solar energy available under new york s ambitious ny sun initiative.
