Solar Energy Government Incentives in New York City
When it comes down to solar power, New York City is doing its part to make clean energy a part of their city. New York is one of the top 10 solar states in the United States in terms of installed solar capacity, with enough solar output to power 57,000 homes. That’s a lot of power!
They’re doing it right by offering some excellent government incentive programs to encourage homeowners and businesses alike to switch to green energy. Here are some of the top solar energy government incentives in New York City:
Megawatt Block Incentive
The megawatt block incentive is one of the biggest incentives available in New York. This program is a subsidy that helps make solar more affordable for interested business and homeowners. The amount of the subsidy varies based on how big the project is, but in some cases can be as much as 50% of the price.
The amount you can save on this program drops as more people choose solar power NYC, so the sooner you go solar, the more you will save.
For solar panel owners who choose to connect their electricity to the grid, net metering gives them a little cash incentive to do so. Net metering gives you a credit with the electric company so that if your house or business generates more electricity than it uses, you can be paid for that extra electricity. This might mean a lower bill in the winter if your usage exceeds what your solar panels can produce.
A new addition to this, remote net metering, allows you to apply the electrical credit to a different account you own, so if your business generates more than it will ever use, even during winter months, you can still make use of that credit in your own home.
New York State Solar Equipment Tax Credit
If saving on your power bill wasn’t a juicy enough incentive, you can also save on your taxes. This tax credit is good for up to $5,000 or 25% of your total solar energy expenses (whichever is lower.) This tax credit applies whether you lease or own the equipment you are using, and if you don’t use the entire credit your first year of ownership/leasing, you can roll it over into the next year.
New York is working hard to make their state one of the most solar-friendly in the USA. Right now it is the 9th friendliest state, but as new incentive programs continue to role out, we may see it climb to the number one slot some day.
If you happen to live in New York City and those pricey electric bills are killing you, it may be time to think about going solar. You could be smiling when you see that electric bill arrive in the mail, knowing you’ll be paying change compared to your neighbors who didn’t make the wise decision to switch to
– Best Solar Energy Company NY