New York is one of the top ten states in the U.S. for solar.1
New York solar panel price drop over the last five years.1
State electricity generation that will come from renewable energy sources by 2030.2
The Empire State’s electricity rates are more than 48% higher compared to the national average.3 However, that’s just one of the many reasons New Yorkers are making the switch to solar to create and store their own clean energy at home. New York also offers some of the most attractive solar incentives in the U.S.
As the country’s leading residential solar, storage, and energy services company,4 we’re here to help you increase your control over electric utility bills, get blackout protection, and reduce your carbon emissions while connecting you with all of New York’s attractive solar incentives.
|Federal Solar Investment Tax Credit (ITC)**||The 26% federal solar tax credit is available for purchased home solar systems installed by December 31, 2020.5|
|NY State Solar Energy System Equipment Tax Credit||The 25% state solar tax credit is available for purchased home solar systems in New York. (Max. $5,000 state tax reduction.)6|
|NY-Sun Megawatt (MW) Block Program||Up to $1,000 for every kilowatt (kW) of solar power installed.7|
|Solar Electric Generating System Tax Abatement (SEGS)||Property tax exemption on the added home value from a solar-plus-storage system.8|
|Home Solar Project Sales Tax Exemption||4% home solar system state sales tax exemption.9,10|
Buy and install new solar panels in New York in 2020, with or without a home battery, and qualify for the 26% federal tax credit. The residential ITC drops to 22% in 2021 and ends in 2022.5
Average-sized 5-kilowatt (kW) system cost in NY: $14,994 Approximate system cost after the 26% ITC in 2020 in NY: $11,09611
Purchase a new solar power system with storage and get a state tax credit of 25% of your total PV system installation cost. This is limited to a $5,000 state tax reduction.6
The solar energy system equipment solar tax credit is not refundable. But, any unused credit amount of your due taxes can be carried over for up to five years.6
Eligible homeowners can receive up to $1,000 for every kilowatt (kW) of solar power installed.7
The Megawatt Block Incentive is divided into districts: Long Island, Con Edison territory (NYC and Westchester County), and Upstate New York. Your incentive rate will depend on the region your solar installation will be located.7
Add a new solar-plus-storage system to your home in New York State and your property taxes won’t go up.8 Installing a system could also build home value.
Approximate solar home value increase in NY: 3.6%12
When you buy a new solar power system, with or without energy storage, in New York, you won’t pay any sales tax.9 The exemption is for 100% of the sales tax of your new solar installation and can save you 4% right off the bat.10
The federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax. The 26% tax credit applies as long as the solar energy system is installed by December 31, 2020. Starting in 2021, the value of the tax credit will step down to 22%. After 2021, the tax credit for residential solar ends.
*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 home solar system from Sunrun.
**We recommend contacting a tax professional to most accurately determine the impact of the solar Investment Tax Credit (ITC) on your federal taxes.