What rebates, solar tax credits and other solar incentives are available in New York?
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New York Residential Solar Tax Credit
New York offers a state-based tax credit for new solar generation systems equal to 25% of the costs of a qualified solar system, up to $5,000.
If the amount you receive as a credit exceeds your taxes for the year, the unused portion of your credit can be carried forward for up to 5 years.
For example, if your state income tax is $3,000 and your tax credit is equal to $4,000, you will have $1,000 in credit that will be applied to the next year’s income tax.
NY-Sun MW block incentive
NY-Sun created the MW block incentive system to help reduce the cost of solar installations. Through this program, the state is broken into three regions:
- The Con Edison Region (NYC and Westchester County)
- Long Island Region, and
- Upstate Region (remainder of the state)
Each region was given a capacity allocation that was broken up into “blocks”, with each block having a different cap for the amount of watts that can be installed. The incentive amount decreases as you move from block to block.
For example, the Con Edison region is currently in Block 8 which has a capacity of 70,000 kW with an incentive of $0.30 per watt installed. This means 70,000 kW of solar can be installed before moving to Block 9. Everyone who goes solar within Block 8 will receive $0.30 per watt they install on their home. When Block 8 has reached its capacity, it will move to Block 9, where you only receive $0.20 per watt installed. So the sooner you install, the better.
In fact, if you install a 5 kW system in the Con Edison region now, you are entitled to a $1,500 rebate. If you wait until the end of the program, you will only receive $1,000.
NY-Sun also runs the Affordable Solar program where they double the size of your rebate depending on your income level.
The MW block program has already closed in the Long Island Region, and the ConEdison and the Upstate Region blocks are filling up fast. The time to switch to solar is now!
