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Solar Tax Credits And Incentives

An in depth look at New York State Solar Tax Credit, The Federal Tax Credit, and NYSERDA Rebates.

What Is A Residential Solar Tax Credit?

The Residential Solar Tax Credit is a tax incentive solar customers can subtract from the taxes they owe to the state and federal government the year they purchase their solar system.

What Incentives Are There For Going Solar In New York State?

Federal Tax Credit:

The Investment Tax Credit (ITC), also commonly referred to as the federal tax credit provides a 30% tax credit for projects installed from 2022-2032. This is a result of the passing of the Inflation Reduction Act, which offers increased incentives for clean energy nationwide.

New York State Energy Research and Development Authority (NYSERDA) Incentive:

This incentive differs from other incentives in that it works in a block grant format. The incentive rewards early movers in installing solar by rewarding them with more money by the wattage of their solar system.

Bonus Tip: Once one block of the grant is fully used the incentive drops a grade and rewards less money per watt. Move fast to take full advantage of this incentive!

State Tax Credit:

The state tax credit (which can be claimed in addition to the federal tax credit) provides an additional 25% tax credit for New York state taxes. However this incentive caps at $5,000.

How Do Solar Tax Credits Work With Tax Liability?

For both the Federal and State solar tax credits, if an individual’s tax credit exceeds that of their tax liability, then the tax credits are eligible to be carried over for up to 5 years.

Are Solar Batteries Eligible For Incentives?

Solar batter ies can be eligible for the ITC under certain conditions. The same 30% tax credit can be applied to a storage system provided it is exclusively charged from a renewable source of energy. This means a storage system paired with a solar system is eligible for the tax credit!

What Is The Affordable Solar Program?

The Affordable Solar Program gives the opportunity for underserved households and communities qualify for solar. To calculate how to qualify for this program, NYSERDA measures gross household income combined with the total household occupancy.

Financing Options for your Solar Project

At Kasselman Solar, we understand the importance of making solar energy accessible and affordable. That’s why we have partnered with reliable financing institutions to help you invest in a cleaner energy future.

First NY Federal Credit Union:

We recommend the First NY Federal Credit Union for customers in the Greater Capital District and surrounding areas. They offer solar loans tailored to the specific needs of your home or business! Learn more about First NY Federal Credit Union’s solar financing options and determine your eligibility here!

NYSERDA:

Additionally, NYSERDA offers financing options with a variety of competitive interest rates ranging from 3.49% to 6.99%. These financing options are designed to make going solar more affordable for New York State residents. Learn more about NYSERDA’s solar financing options and determine your eligibility here!

By taking advantage of these financing options, you can invest in solar energy for your home or business, knowing you have the support of trusted, financial partners! Interested in going solar? Or want to learn more about various incentives and financing options? Get in touch today!