There are a number of generous incentives for solar power in New York State, and NY’s Solar Equipment Tax Credit is one of them. The Solar Tax Credit plays a major role in making solar energy installation in New York state a bright idea. But who qualifies to claim it and how much is it? Continue reading
This post is the second of a blog mini-series that will explain the various net metering battles occurring across the United States. The first piece in the series covered California.
As solar power becomes cheaper and more accessible, utilities, installers, and consumer advocates are working with state public utility commissions (PUCs) across the country to secure a sustainable future for solar energy. Each group has a different idea of how to ensure “solar sustainability”: utilities are focused on the cost of maintaining the electric grid as distributed solar generation grows, while installers and consumer advocates want to make sure that net metering policies will adequately compensate solar homeowners for the power they generate. Many states are beginning the negotiation process, but one state has already reached its conclusion – in a ruling released on October 12, Hawaii became the first state in the country to eliminate net metering.
This is the first post of a blog mini-series that will explain the various net metering battles occurring across the United States. We’ve decided to start with the biggest one – California.
The battle for solar-friendly net metering policies is here, and it’s shaping up to be a big one. Most states with net metering policies “cap” the amount of total solar generating capacity that is eligible for net metering credits. As more and more states reach or even exceed these net metering “caps”, they encounter a natural opportunity to revise the policies that govern how homeowners are compensated for the excess solar electricity they create. Utilities, solar installers, and consumer advocates are all now pushing their visions of what the net metering policies of the future should look like.
The Megawatt Block Incentive Structure (Megawatt Block) is one of New York’s most important solar incentives. The program provides strong subsidies for both commercial and residential rooftop solar energy systems. The size of your subsidy depends on how big the solar energy system you install is, and how much solar energy is already being produced in your area. You also don’t need to take any action to claim the benefit if you use a state certified installer.
In total, the various solar incentives available in New York State could reduce the cost of going solar by more than 50%. So why not start shopping for solar today? EnergySage’s New York Solar Marketplace is a great place to start comparing your options.
New York State’s Solar Equipment Tax Credit is worth up to $5,000 and can be claimed over the course of up to five years, making it one of the most generous and flexible in the country. Provided you meet the basic eligibility criteria, you may claim the credit regardless of whether you own your system or had it installed under a solar lease/power purchase agreement (PPA). How does the tax credit work if you own your solar system? Continue reading