New York State Tax Credit – 25%
New York state offers homeowners a dollar-for-dollar reduction in the income taxes that a person claiming the credit would otherwise pay. The state tax credit is based on 25% of solar’s cost to the homeowner, limited to $5,000. If you can’t claim the credit in the first year, don’t worry, it will roll over for 5 years!
NYSERDA – Financing / $0.20 per kilowatt
Through the NY-Sun Program, the New York State Energy Research and Development Authority (NYSERDA) provides financing options and financial incentives for the installation of new grid-connected solar systems.
In New York & New Jersey City, a cash grant from NYSERDA of 20¢ per watt lowers the elevated cost to install solar. The installation of a 7kW solar system could earn a $1,400 deposit from the state! This incentive, once $1.00 per watt, will continue to decrease as more people install solar systems. Sea Bright Solar and SunPower collect this grant from NYSERDA directly, reducing your cost to install solar.