Save Money on Taxes and Utilities
Wondering which incentives you are eligible for? Submit the form to the right to speak with an Infinity Solar consultant about solar rebates in your area and how to apply for them. Our experts will do a complete analysis of your situation to make sure your project qualifies for the maximum incentive value.
NYSERDA Cash Rebates
The New York State Energy Research and Development Authority (NYSERDA) offers rebates to homeowners who install solar panels. The goal is to support 3.175 gigawatts of solar panel installations across the state by the time the program expires in 2023.
- How the incentive lowers costs: The NYSERDA’s budget for this program is $762 million, much of which has already been paid out. Rates should remain at $0.70 per watt through the end of 2015, which equals $3,500 for a typical 5kW solar array. For anyone who qualifies for the Affordable Solar program, this figure jumps to $1.40 per watt, or $7,000 for a typical solar panel installation! As the expiration date nears and funds are depleted, rebate rates will drop. This means the sooner you act, the higher your solar incentives for Orange County, NY.
New York State Solar Tax Credits
The next incentive is another sizable way to offset the cost of installing solar panels: state solar tax credits. Only select states offer such an incentive, and you’ll be glad to learn that New York is among them. Plus, there’s currently no expiration date for this tax credit, so you can count on claiming it no matter when you decide to go solar.
- How the incentive lowers costs: New York offers one of the most generous solar tax credits equaling 25% of the total purchase and installation cost with a cap of $5,000. Remember, any NYSERDA rebates you qualify for are subtracted from the total cost before tax credits are applied.
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Federal Tax Credits for Solar Energy
Federal solar tax credits are available for every qualifying installation across the country. They expire December 31, 2016, so now is the time to act.
- How the incentive lowers costs: Federal tax credits are some of the most lucrative solar incentives for Orange County, NY. They cover 30% of the cost, including installation, with no upper limit. Remember, any NYSERDA rebates you qualify for are subtracted from the total cost before tax credits are applied.
Property Tax Exemption
Lawmakers in each state decide just how much they want to ease the switch to solar for residents in their area. Thankfully, New York lawmakers took an important step to facilitate your switch to solar: they eliminated property tax increases that would normally follow a solar installation.
- How the incentive lowers costs: The average solar installation adds 20 times your annual electricity bill to the value of your home, or about $20,000. Normally, this kind of upgrade would increase property taxes. Fortunately, thanks to this exemption, you are not required to pay increased taxes to the extent that the addition would increase the value of your home. This benefit lasts for 15 years.
Sales Tax Exemption
Every state decides how to handle sales tax on solar panel purchases. Some states lower the rate to make the purchase more affordable. New York takes this concept one step further by offering a 100% sales tax exemption on solar panel purchases.
- How the incentive lowers costs: When you’re looking at a $25,000 solar panel purchase, New York’s 4% sales tax adds on another $1,000 to the purchase. With this exemption, that money goes back in your pocket.
When your solar panels produce excess energy, net metering is a way for you to sell this energy back to the utility company. This benefits you as well as your provider, since it’s a way for the utility to offer other customers electricity generated from a clean source.
- How the incentive lowers costs: Without net metering (or a battery to store energy), excess electricity would go to waste. This incentive helps keep utility costs down in one of two ways: either you are granted a credit on next month’s energy bill or excess electricity is reconciled annually at the current retail rate. If you opt for the annual reconciliation option, you can choose to have the pay period end at the height of summer so you cash out when electricity is sold at its highest rate.
New Jersey SRECs
New Jersey’s Clean Energy Program is a statewide program that offers financial incentives, programs and services for New Jersey residents, business owners and local governments to help them save energy, money and the environment.
- New Jersey is still one of the fastest growing residential markets for solar photovoltaic in the United States and one of the largest in terms of both installations and installed capacity. After the registration is accepted, construction is complete, and final paperwork has been submitted and is deemed complete, the project is issued a New Jersey certification number which enables it to generate New Jersey SRECs. SREC’s are generated once the solar project has been authorized to be energized by the Electric Distribution Company (EDC).