New York residents can take advantage of several solar panel incentives that can reduce the overall cost of a solar panel system. Below is a brief overview of the 2024 solar panel incentives for New York.
- Drastically reduce your electric bill.
- Cash in on federal, NY state and NYC tax benefits.
- Do something amazing for the environment.
Save Money on Your Electric Bill
Install rooftop solar panels in New York and gain control of your electric bill. How? You’ll be protected from future utility rate increases from ConEd. Electric bills, especially in the Northeast, have been on the rise for quite some time. Additionally, consumers in New York City typically spend about 14% more for their energy than the average American in other states.
If you live in New York, you’ve seen your ConEd bill increase steadily over the last few years. New York City electric customers saw their bills increase by 3.9% in 2020, 4.5% in 2021 and 3.8% in 2022. Rates went up again in 2023, and ConEd has already proposed another 4% increase in 2024 and an additional jump of 3.8% in 2025.
Since we all have different size homes and electric uses, your solar panel system will be tailored to your house, so your savings will vary from someone else’s. However, on average, New York homeowners can typically save between 30%-90% of their monthly ConEd utility bill.
Plus, if you qualify, you can install a complete solar panel system on your home for $0 money down.
And, by choosing SI Solar as your rooftop solar panel installation expert, you’ll get a 25-year warranty on your solar panels. This gives you peace of mind for years to come. Plus, you’ll be supporting a locally owned and operated small business.
Federal, NY State and NYC Tax Benefits
Federal Investment Tax Credit: As a result of the Inflation Reduction Act, the solar tax credit for a residential solar system is now 30%. What exactly does this mean for a NY homeowner interested in solar panels? You get a dollar for dollar credit off your federal income taxes the year your solar panels are installed. So, if your system cost $10,000, you would get $3,000 back from the federal government just for going solar. Just complete Form 5695, which is used to calculate your residential energy credit, when you do your taxes. It must be submitted alongside Form 1040 with your federal income tax return.
New York State Tax Credit: All NY State homeowners receive a one-time tax credit of up to $5,000 the year their rooftop solar panels are installed. So that’s another reduction in the cost of a solar power system. Just complete Form IT-255 when filing your New York State income tax return.
New York City Property Tax Abatement: As a NYC resident, you are also entitled to an additional 4-year property tax abatement of 30% of the cost of your solar power system up to $62,500. To receive this abatement, there is nothing you need to do. If SI Solar is your solar panel installation expert, we would file for the rebate on your behalf.
Sales Tax Exemption: Unlike most things you purchase, you don’t pay any sales tax on any solar energy system equipment and supplies.
Since everyone’s personal situation is different and to ensure you receive all the tax benefits you’re entitled to, you should speak with your tax advisor regarding all your solar panel tax credits as they apply to you.
Environmental Benefits
According to the SEIA (Solar Energy Industries Association), 183 million metric tons of CO2 emissions are reduced annually by US solar installations.
“Deploying more solar energy will sharply reduce the carbon, sulfur and mercury pollution that come from burning fossil fuels, saving approximately 60,000 American lives each year,” according to SEIA.
The goal is for solar to produce 30% of US electricity generation by 2030. You can help us achieve that goal by installing solar panels on your home. Call SI Solar today for a free quote.
