Guide to New York Tax Benefits of Going Solar

New York is one of the leading states when it comes to the incentives provided for switching to solar energy. The tax reasons for making this change can save you money and help the environment. Learn more about how you can benefit from the experienced team at Greenpoint Solar & Electrical below. Reach out to us today for a free consultation!

New York Solar Tax Credit

New York Solar Tax Credit

The largest residential solar tax benefit in New York is that the state offers a hefty basic tax credit that has immediate benefits. Anyone who purchases or engages in a residential solar project gets a credit of up to 25%, or up to $5,000, of their total expenditures. This includes those who install panels or even people who commit to a power purchase agreement for equipment by another entity. 

Reduced Tax Liability

NY-Sun Megawatt Block Incentives

Tax benefits for those in New York aren’t limited to residential investments or panel installations The NY-Sun Megawatt Block Incentive offers immediate discounts for solar system installation for non-residential, industrial, and commercial organizations. The size of the cash rebate is relative to the amount of energy that is saved by the company’s solar project. This value also varies across different regions.

NY-Sun Megawatt Block Incentives

NY-Sun Megawatt Block Incentives

Tax benefits for those in New York aren’t limited to residential investments or panel installations The NY-Sun Megawatt Block Incentive offers immediate discounts for solar system installation for non-residential, industrial, and commercial organizations. The size of the cash rebate is relative to the amount of energy that is saved by the company’s solar project. This value also varies across different regions.

New York Solar Sales Tax Exemption

New York Solar Sales Tax Exemption

An additional critical tax policy that New York is leading the country with is the New York Solar Sales Tax Exemption. Essentially, this dictates that the state won’t charge a tax on solar equipment installations. Traditionally, New York has a 4% sales tax, so this can make a big difference in the cost of these projects. It applies to both residential and non-residential spaces.

Solar energy installations in residences or businesses around New York are not only beneficial to reducing your carbon footprint, but they can save you money in the process. Greenpoint Solar & Electrical is committed to providing our customers with top-notch equipment and service. Get a free consultation and start reaping the tax benefits of going solar today!