Value Of Solar Panel In Ny

The tax credit is capped at 5 000.

Value of solar panel in ny.

That s a good sized savings. New york residents who install rooftop solar equipment are eligible for the federal renewable energy tax credit which is equal to 30 percent of the cost of a pv solar system for systems in service by the end of 2019 with the credit decreasing through 2021. Solar for all is a new york state utility bill assistance program. Ny sun mw block incentive.

Through solar for all eligible new yorkers can get the benefits of clean energy while lowering their energy costs. New york state is funding solar farms to benefit homeowners and renters who may not be able to access solar clean energy. New york s residential solar tax credit is equal to 5 000 or 25 percent of the cost of your solar system whichever is less. The average cost for an installed residential solar system in new york is currently 12 716 after claiming the 26 federal solar tax credit.

This combined with the federal tax credit provide subsantial savings on the cost of a solar installation. On a cost per watt w basis a solar panel installation in new york ranges in price from 2 47 to 3 35. This is 2 86 per watt. For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes.

If you live in new york city you can take advantage of the new york state tax credit which is equal to 25 of the costs of you solar panel installation.