If you live in New York and are considering going for solar energy, 2020 is the perfect year for you to install solar panels, thanks to the many financial incentives currently available. However, keep in mind that the government’s financial incentives are gradually decreasing!
New York has long been the leader in solar power capacity installed in the US and is improving day by day. The most obvious example of this is that the state has a 50 percent renewable energy target by 2030, making New York the third most stable state in the country (linked to California and New Jersey) when it comes to renewable energy policies. Solar energy is currently providing heat and electricity to many buildings in New York. Many places benefit from the clean energy and significant economic savings of solar power, such as individual homes, comAmong the main reasons that make New York an indispensable place for solar energy, the following government discounts are leading:
Federal Investment Tax Loan
The most important solar energy subsidy available to New Yorkers in 2020 is the federal investment tax credit (ITC). The ITC grants a tax credit of 26 percent, or equal to the value of the system, just like in Florida. In this way, the cost is considerably reduced. mercial businesses and even apartment rentals.
New York Residential Solar Tax Loan
A tax credit is also available at the state level for systems up to 25 kilowatts. The residential solar tax credit is equal to $ 5,000, or 25 percent of the cost of your solar system. For example, if the cost of the system you set up is $ 15,000, you can get $ 3,750 tax credits for your state taxes, while if you cost $ 21,000, you can only earn $ 5,000 tax credits.
New York Megawatt Incentives
This program provides financing to people living in three different regions according to the number of solar panels installed. The Megawatt Block incentive provides funding per watt to homeowners who install solar systems.