Did you know New York City is home to some of the best government incentives for installing home solar panels? It’s true. Through federal, state, and local tax credits and rebates, homeowners can see up to 70 percent of their project costs covered.
The federal government covers 30 percent of project costs through an income tax credit. New York State covers $5,000 of project costs through an income tax credit, and provides a 20 cents per watt rebate to reduce up-front costs.
Some New York homeowners can also take advantage of a 20 percent Historic Homeownership Rehabilitation Tax Credit, depending on where they live.
Finally, New York City also covers 20 percent of project costs through a property tax abatement, reducing property taxes incrementally over the course of five years. But New Yorkers should be aware that as it stands now, NYC’s solar property tax abatement is set to expire at the end of 2023. Without necessary action from city and state officials, this valuable credit could end.
For information on how to get started on your home solar panel project, visit the Brooklyn SolarWorks website.
[Photos via Brooklyn SolarWorks]