New York Solar Tax Credits, Incentives and Rebates (2024) – MarketWatch

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New York has two main incentive programs for solar energy systems: the NY-Sun Initiative Megawatt Block Program and the New York State Solar Equipment Tax Credit. These help offset the cost of any residential solar installation in the state. There’s also an incentive specifically for solar installations that include backup battery systems, called the Retail Energy Storage Incentive. We’ll discuss all three below.

NY-Sun Initiative Megawatt Block Program

Incentive Value: $0.20/watt in Con Edison area, $0.30/watt in upstate NY

Frequency: Once, when purchasing a solar panel system

The NY-Sun Megawatt Block Program is managed by the New York State Energy Research and Development Authority (NYSERDA). The program offers a cash incentive per watt of solar capacity, which varies based on where you live.

  • The incentive rate for home solar systems is $0.20 per watt in the Con Edison service territory (New York City), and $0.30 per watt in upstate regions.
  • Initially, the incentive was also available in Long Island, but program funding is already depleted for that region.

To qualify for the Megawatt Block Incentive, your solar energy system must be installed by an NY-Sun participating contractor and meet the technical requirements of the Program Manual. In addition to the NY-Sun Initiative, NYSERDA manages the NY Green Bank, which offers financing options for renewable energy projects of all scales.

New York State Solar Equipment Tax Credit

Incentive Value: 25% of home solar system costs, up to $5,000

Frequency: Once, when purchasing a solar panel system

New York offers a 25% state tax credit for home solar systems, which can be combined with the 30% federal tax credit. Unlike the NY-Sun rebate, which is available for homes and businesses, the state tax credit is exclusively for homeowners who install solar panels for their primary residence.

Retail Energy Storage Incentive

Incentive Value: $250 per kWh of solar battery capacity

Frequency: Once, when purchasing a battery system

The Retail Energy Storage Program offers incentives for battery systems paired with solar arrays. The current incentive rate is $250 per kilowatt-hour of storage capacity, which means a 10-kWh battery qualifies for $2,500. This was originally a statewide program, but funding is already depleted for all regions except Long Island.

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