New York is a top 10 solar state,1 and for good reason. As a part of its ambitious Reforming the Energy Vision initiative,2 New York is making solar accessible to households across the Empire State. Thanks to rebates, solar tax credits and exemptions, New Yorkers could earn back up to 40% on the up-front cost of solar.3
Sunrun is a participating provider with New York’s NY-Sun program.4 Through the program, you’ll earn a direct dollar-per-watt rebate on your solar system. Your rebate rate will depend on where you live, the size of your system and the incentive amount that remains in your area.
Rebate rates will drop as more New York households install solar systems.5 That’s why the sooner you go solar, the more money you’ll be able to earn back through the NY-Sun program. New York only partners with approved partners or solar providers like Sunrun6 to pass along this incentive, so contact one of our solar advisors today for more details.
|Solar Savings Types||Value of Savings|
|New York State Solar Energy System Equipment Credit||25% of their system cost, or $5,000 (whichever is less).|
|Federal Solar Tax Credit||
26% of the final cost of the solar system
|New York State Solar Incentives||Rebate rates of $300-$350 per kW of total system size|
|New York City Property Tax Abatement||20% of the total system cost (after rebate)|
**Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a solar system from Sunrun.
In addition to NY-Sun, New York residents are eligible for a credit worth 25% of their system cost or up to $5,000, whichever is less.7 If you don’t pay enough in taxes to claim the credit in a year, the excess credit will carry over to the following year.
The Solar Sales Tax Exemption8 is a welcome addition to the other incentives available in the Empire State. That means you can pocket the extra 4% state sales tax you would normally pay when you buy a home solar system and battery.
In addition to New York’s state solar programs, you’ll be eligible for the federal solar tax credit if you buy your own home solar system outright. The federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax. The 30% tax credit applies as long as the home solar system including a solar battery purchase10 is installed by December 31, 2019.11 That means if you purchase a 6-kilowatt system for $18,300, you’ll pay $12,810 after you receive your tax credit.
Starting in 2020, the value of the tax credit will step down to 26%, and then again to 22% in 2021. After 2021, the tax credit for residential solar ends. Learn more about federal solar incentives.
At Sunrun, we understand that everyone's financial situation is different. Whether you want to own your system and your solar programs or simplify them with a solar lease for as little as $0 down, we offer a range of flexible financing options—all of which help you claim your slice of New York sun.
Join over a quarter million American households who have gone solar with Sunrun. Whenever you’re ready, our solar advisors are here for you. To get started, get your free quote today.
*We recommend contacting a tax professional to most accurately determine the impact of the federal solar tax credit and local tax credits on your taxes.