SOLAR IN NEW YORK

You are eligible for a federal tax credit in the amount of 30% of the total cost of your solar system investment. The average system in in the range of $15,000 on the low end, to up in the $40-50K range for what we would consider larger residential systems. This means that if you invest $30,000, for example, your net cost will really be $21,000 after the $9,000 is taken. 

In order to qualify to the federal tax credit, you need to be paying federal income taxes. They will pay you back up to the amount that you paid in that year. If you have a larger tax credit than your yearly federal tax amount, the remaining tax credit amount can be used the following year. The solar tax credit is able to roll over 5 consecutive years if the total cannot be used the first year. 

To incentive you to go solar, the utility companies in NY credit homeowners with solar at a 1 to 1 rate. This means that a solar system can eliminate the utility company's bill ( other than a low monthly connection fee ) WITHOUT the need for battery storage. With full 1:1 credits, the system banks power all throughout the middle of the day when the system is producing more than the house and then in the evening, you do draw power from the grid, but the credits you built up in the day simply cancel out the night time bill. Most states do not have a net metering policy that credits you at the same value as what you actually are paying. Net metering will go away as solar participation increases so lock yourself in before the credit value starts to drop. Batteries start at around $10,000 and so do not want until you inevitably need to add at least $10,000 in cost to your total.  

Adding to the already 30% federal tax credit, New York offers state tax credits in the amount of 25% of the total solar system cost, but capping at $5,000. Considering the average solar system cost is in the $20-$40k range, this means you will see all $5000 in tax credits. 

For Con-Edison customers Upstate NY residence,  another rebate is also available now but not forever. This is a first come first serve situation and once the funds run out, they are gone. For Con-Edison customers, a 20 cent per watt rebate will be given. For a 5kW system this would work out to be $1,000 and for a 10kW system, $2,000. Most of Upstate residence also will qualify.

-Long Island doesn't qualify any longer. (Program expired) Don't let it happen to you! 

-System cannot exceed 25kW  (Average is 6-10kW)

-System cannot exceed 110% solar offset 

Since solar has been proven and does statistically raise the value of your home during resale, New York put a law in place to not include the value of the solar your  property tax assessment. 

To help keep costs down, solar equipment is exempt from the 4% state sales tax and the 3/8% sales tax imposed on the Metropolitan Commuter Transportation District. (MCDT)