November is a time of reflection and gratitude. At SunBlue Energy, we’re thankful for many things… including the generous federal and NY solar tax credits that allow so many of our customers to enjoy the savings and independence of solar energy! Wondering what credits and incentives are available to you? Here’s a quick summary. But act fast — these great deals won’t last forever!
Federal Solar Tax Credits
You can save big on your federal tax bill with solar. The federal government offers homeowners who switch to solar a federal tax credit of 30 percent of the system’s total cost. Tax credits are subtracted, dollar-for-dollar, from your tax bill. There is currently no cap on how much you can save! The federal tax credit is available until 2019, after which it will begin to decrease.
NY Solar Tax Credits
Florida may be the “Sunshine State,” but New York gives homeowners plenty of reason to love the sun! New York currently offers a state tax credit of 25 percent of your solar energy system costs, up to $5,000. The best news? There’s currently no expiration date on this generous credit.
While not technically a tax credit, this rebate from the New York State Energy Research and Development Authority is certain to brighten your day. As a Con Edison customer, you’re eligible to receive a rebate of $0.50 per watt of solar PV installed on your residence, capped at 25 kilowatts. Ready for some math? Say you have a 7 kW residential system. You may be eligible to receive $500 per kW. That’s $3,500 ($500 x 7 kW)! Sadly, this rebate is scheduled to decrease soon. So contact us today to learn what rebates and tax credits you’re eligible for when you go solar in Westchester, NY and beyond!
NY State Sales Tax Exemption
New York enacted legislation in July 2005 exempting the sale and installation of residential solar-energy systems from the state’s sales and compensating use taxes. The exemption applies to solar-energy systems that utilize solar radiation to produce energy designed to provide heating, cooling, hot water and/or electricity. Click here to learn more.
Property Tax Exemption
Section 487 of the New York State Real Property Tax Law provides a 15-year real property tax exemption for solar, wind energy, and farm-waste energy systems constructed in New York State. As currently effective, the law is a local option exemption. This means that local governments are permitted to decide whether or not to allow it. The exemption is valid unless a government opts out of the exemption, as opposed to the more common practice of requiring governments to “opt-in” in order to offer an exemption.
Of course, we haven’t forgotten about our nonprofit and commercial solar customers! Visit our Business Solar Incentives page to learn more about tax credits and other incentives available to you! Looking for even more ways to earn a little extra holiday cash this season? Check out our referral page to learn how you can earn $1,000 when one of your referrals purchases a solar system from SunBlue!
Disclaimer: SunBlue Energy does not provide tax advice. Consult your tax professional to verify your eligibility for tax benefits.