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Thinking about going solar in New York? That’s fantastic! With so many choices to help you make the transition, it can be overwhelming to figure out the best way forward. But don’t worry, the NY-Sun solar program is here to streamline everything for you. Let’s dive into the amazing financing opportunities that await you!
1. New York State Solar Tax Credit: Score a cool 25% tax credit, up to $5,000, for installing a solar system in your home. Plus, this is on top of the 30% federal tax credit you might already qualify for!
2. Megawatt (MW) Block Program: Depending on where you’re located, you could snag a cash rebate of $0.03 per watt for every watt of solar power you install. But act fast – these incentives are limited and will fade out as more folks claim them.
3. EmPower+ Program: Get ready for a bunch of energy-saving upgrades for your home! This program offers a free energy assessment with participating contractors, along with sweet discounts on solar panels, energy-efficient home renovations, and even certain appliances. If your income falls below 80% of the median in your area, you could be eligible to apply.
4. Sales Tax Exemption: When you’re setting up solar gear in New York, you won’t need to worry about the state’s 4% sales tax. While it doesn’t directly slash the cost of your panels, it’s one less thing to budget for!
5. Escape from property tax burdens! Thanks to the Real Property Tax Law, homeowners who install new solar setups can enjoy a sweet 15-year exemption from property tax hikes. And guess what? In certain areas like NYC, there are even specialized property tax abatement programs that can slash your tax costs for a specific number of years. So, go solar and save big on your taxes!
6. Net Metering and VDER: New York is shaking things up by moving from traditional net metering to the Value of Distribution Energy Resources (VDER) Value Stack model. With net metering, you can earn cash for any extra energy your solar panels churn out.
Are you prepared to explore the world of solar energy in New York? There are numerous incentives and programs eagerly awaiting your participation, making it an opportune moment to transition to clean and sustainable power sources!
