At NYC Solar Power, we understand that investing in solar energy is a significant decision. Fortunately, New York City offers several financial incentives that make this transition more affordable and beneficial for homeowners. Here’s how you can take advantage of these opportunities:

 

1. Federal Solar Investment Tax Credit (ITC)

The federal government provides a substantial tax credit for solar installations. Homeowners can deduct 30% of the cost of installing a solar energy system from their federal income taxes. This credit is available for systems installed before December 31, 2034, and can significantly reduce your overall investment. 

 

2. New York City Property Tax Abatement (PTA)

New York City offers a Property Tax Abatement for solar installations. Homeowners who install a solar energy system between January 1, 2024, and January 1, 2034, are eligible for a four-year tax abatement. This abatement allows you to deduct 7.5% of the installed cost of the system (after any state rebates) from your property taxes each year, totaling 30% over the four-year period. The annual abatement is capped at $62,500, with a total limit of $250,000. 

 

3. Net Metering Benefits

Through net metering, any excess electricity your solar system generates is fed back into the grid, and you receive credits on your utility bill. These credits can offset the cost of electricity you draw from the grid when your system isn’t producing enough power, such as during nighttime or cloudy days. This ensures you maximize the financial benefits of your solar investment.​

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By leveraging these incentives, transitioning to solar energy becomes a financially savvy choice for New York City homeowners. At NYC Solar Power, we’re here to help you navigate these opportunities and make your solar installation seamless and cost-effective.