BREAKING: 2022 New York State Solar Incentives Now Best In USA

Solar Incentives in New York to Decrease

Going solar will always be a wise investment through decreased utility costs and increased value on your home, along with having a positive impact on the environment. But to get the most bang for your buck through incentives and tax credits from the government, you should make the switch as soon as possible. Soon, there will be changes to residential solar incentives in New York State. These changes come from both the state level and federal level and start in as little as two months. 

State Incentives

On the state level, New Yorkers can expect some big changes in the short term. Currently, the solar incentive through NYSERDA’s NY Sun Initiative is $0.50 per megawatt of energy powered by the solar energy system. This incentive is decreasing daily and is available only on a first come, first served basis. (3).

Federal Incentives

Residential solar tax credits from the federal government since 2017

Secondly, the federal tax credit for solar will be decreasing in 2023. The federal tax credit is often referred to as the Investment Tax Credit, or ITC. In 2020, Congress passed an extension of the ITC, which provides a 26% tax credit for solar energy systems installed between 2020-2022. In 2023, the ITC decreases to 22%, meaning that 22% of the total costs for a solar project can be claimed as a credit on a federal tax return (1). Currently, the tax credits for residential renewable energy products are available through December 2023 (2).

What This Means

There will always be financial benefits to going solar. But sometimes, the biggest financial benefits from residential solar projects we see our customers take on is through incentives from the state and federal governments. Because the solar incentives in New York are changing soon, time is running out to reap the benefits. To get the highest amount of financial benefits possible, act soon and your wallet (and tax return!) will thank you for it. Get started with us today!