The New York State Energy Research and Development Authority (NYSERDA) developed a solar program, NY-Sun, advocating for solar power by offering New York residents incentives and tax credits. At Harvest Power Solar, our team will work with you to help ensure you are eligible for all incentives correlating with your solar installation.
Federal and New York State Solar Tax Credits
A few years ago, solar energy systems were eligible for a 26% federal residential solar energy credit. In August 2022, Congress increased this to 30% for solar installations between 2022 and 2032. Additionally, there is no maximum amount that can be claimed.
New York State solar tax credits equal 25% of the system cost; however, the maximum claim is $5,000.
So what does all of this mean for homeowners in New York State? Not only will your solar energy system significantly cut your energy costs while promoting a sustainable environment, but the federal and state governments will technically pay for over 50% of your system.