New York, like other states, supports many different programs to facilitate the users for the promotion of Solar Energy. Chief among these are: Net Metering, Reforming the Energy Vision (REV) Cooperative Plan, NY-Sun program, NY Solar Sales Tax Exemption, NYC Property Tax Abatement, and NYS Historic Homeownership Rehabilitation Tax Credit.
The Net Metering program, implemented in several different states, is also applied here. More than the annual net energy produced by users is purchased by private companies or state-sponsored companies and is returned as a grid electricity usage loan.
Reforming the Energy Vision (REV) Cooperative Plan
This program, which aims to modernize New York’s energy infrastructure and help the state achieve its clean energy goals, is the result of a collaboration between REV, the New York Public Service Commission, the New York Energy Research and Development Authority, the New York Power Authority and the Long Island Energy Authority. One of the goals of the project is to provide savings for low- and middle-income households that install solar energy systems.
This program was initiated by the New York State Energy Research and Development Authority (NYSERDA) to help New Yorkers reduce their energy costs when transitioning to solar power. The NY-Sun website provides guidance to local incentives for individual and corporate projects.
NY Solar Sales Tax Exemption
In 2005, the decision was taken by the state of New York to exempt the sales and installation costs of residential solar systems from state sales tax. In this way, users can benefit from tax exemption over these costs of solar systems that cool, heat, and/or provide electricity. There are certain parameters and conditions to benefit from this exemption.
NYC Property Tax Discount
With the Solar Power Generation System (SEGS) program, NYC encourages homeowners to install solar power systems by offering a four-year tax reduction of up to 20% in total, at 5% per year of the cost of the installed system. The reduction is spread evenly over four years and cannot exceed your property tax liability for any year.
NYS Historic Homeownership Rehabilitation Tax Credit
Thanks to this program, you can get a tax discount for the solar energy project of your historical place. In this way, costs can be reduced by up to 20%.