2024 Solar Incentives Guide for Cornwall, NY - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Cornwall.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Cornwall solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Cornwall?

Home Performance with ENERGY STAR

Incentive Type:
Loan Program

Residential Wood Heating Fuel Exemption

Incentive Type:
Sales Tax Incentive
100% exemption

On-Site Wind Incentive Program

Incentive Type:
Rebate Program
Tier I: 10,000 kWh of expected annual energy production: $3.50/annual kWh
Tier II: 10,000 kWh - 125,000 kWh of expected annual energy production: $1.00/annual kWh
Tier III: 125,000 kWh - 1,000,000 kWh of expected annual energy production: $0.30/ annual kWh
Tier IV: Greater than 1,000,000 kWh of expected annual energy production: $0.15/ annual kWh
These incentives are additive.

Residential Solar Tax Credit

Incentive Type:
Personal Tax Credit
25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year

NY-Sun Loan Program

Incentive Type:
Loan Program
Residential Customers: $1,500 - $25,000

Small Business and Not-for-Profit Organizations:
Participation Loans: up to $100,000 (at low interest rate)
On-Bill Recovery loans: $50,000 at 2%

NY Green Bank

Incentive Type:
Other Incentive

Local Option - Real Property Tax Exemption for Green Buildings

Incentive Type:
Property Tax Incentive
Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level

Energy Conservation Improvements Property Tax Exemption

Incentive Type:
Property Tax Incentive
100% of the value added to the residence by the improvements

Local Option - Solar Sales Tax Exemption

Incentive Type:
Sales Tax Incentive
Upon local authorization, 100% exemption from local sales tax

State of NY Commercial PACE Financing Program

Incentive Type:
PACE Financing
Locally determined

Solar Sales Tax Exemption

Incentive Type:
Sales Tax Incentive
100% exemption from state sales tax

Ground Source Heat Pump Rebate Program

Incentive Type:
Rebate Program
Small Systems (≤ 10 cooling tons): $1,500/cooling ton
Large Systems (> 10 cooling tons): $1,200/cooling ton

Refundable Clean Heating Fuel Tax Credit (Corporate)

Incentive Type:
Corporate Tax Credit
$0.01/gallon for each percent of biodiesel

Local Option - Solar, Wind & Biomass Energy Systems Exemption

Incentive Type:
Property Tax Incentive
100% exemption for 15 years (unless local jurisdiction has opted out)

NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business)

Incentive Type:
Rebate Program
Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are:

Residential:
Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.30/W
Upstate Region: $0.35/W
Low-to-Moderate income customers: $0.80/W (up to 10 kW)

Small Commercial (Non-Residential): Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.60/W
Up State Region: $0.45/W

Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW)
Learn more:

Refundable Clean Heating Fuel Tax Credit (Personal)

Incentive Type:
Personal Tax Credit
$0.01/gallon for each percent of biodiesel

Anaerobic Digester Gas-to-Electricity Rebate and Performance Incentive

Incentive Type:
Performance-Based Incentive
  • Capacity Incentive: Varies on the construction and design of the system
  • Performance Incentive: $0.025/kWh production payment for new systems for up to 10 years (estimated using a capacity factor of 75%)
  • Interconnection Incentive: up to 75% of the costs exceeding $5,000
  • Project Enhancement Incentives: Available for Black Start Capability, Hydrogen Sulfide reduction, design for accepting food waste and others

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


Solar incentives are intended to encourage homeowners to switch their home over to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. Different kinds of incentives, including cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be handled by the New York government, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:

  • Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
  • Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement in place with your Cornwall utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other areas you might make back a percentage of the value.
  • Rebates: A solar rebate is a partial refund given after you've purchased your solar panels. Rebates might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
  • Tax Exemptions: These might come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying taxes on your home. They may also include exemptions on sales tax at the time of purchase.

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  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

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  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

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4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Federal Solar Incentives

When thinking about solar incentives, you likely think of federal incentives first. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend installing solar panels.

The ITC can be credited towards the value of a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property you own for you to claim the credit. The ITC originally paid out 30% of all costs (panels, equipment, labor and accessories), although this amount has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.

To better understand exactly how much the ITC could save you, get in touch with your local Cornwall solar panel installer.

The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar installations undertaken between January 1, 2022, and December 31, 2032. At this point, the credit percentage will decrease slightly each year until the end of the program in 2035. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.

Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit will apply to you is to speak with your local Cornwall solar panel installers directly.

State & Local Solar Incentives

In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more might be available at a more local level. Some incentives are ongoing, while others are available for a limited time. They might be offered by the New York government, or by your county or municipality.

Next Steps for Installing Solar in Cornwall

Solar incentives may be provided by your local utility company, the federal government or the New York government. The variety of available incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Reaching out to your local Cornwall solar panel installer is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.

EcoWatch's Cornwall, NY Solar Incentives FAQs

If I installed solar panels on my house a few years ago, can I still claim incentives?

If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you installed your system between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with the company that installed your system, or any local Cornwall solar installer, can help you learn more about what incentives you might want to apply for.

How much will a solar system save me annually on my electric bill in Cornwall?

Typically, Cornwall homeowners who install solar panels save around $1,123.81 per year, or approximately $21,352.33 over 20 years after they make the switch.

When does the federal solar tax credit end?

The Clean Energy Credit (previously called the federal solar tax credit, or the ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

If I change out my appliances for ones that utilize solar energy, are there incentives that I can claim?

Under the new Inflation Reduction Act, there are several new financial incentives for making eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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