2025 Solar Incentives Guide for Fairmount, NY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Fairmount.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Fairmount?
State of NY Commercial PACE Financing Program
Residential Solar Tax Credit
Refundable Clean Heating Fuel Tax Credit (Corporate)
NY-Sun Loan Program
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%
Residential Wood Heating Fuel Exemption
Local Option - Solar Sales Tax Exemption
Solar Sales Tax Exemption
Local Option - Real Property Tax Exemption for Green Buildings
Energy Conservation Improvements Property Tax Exemption
Local Option - Solar, Wind & Biomass Energy Systems Exemption
NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business)
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)
Ground Source Heat Pump Rebate Program
Large Systems (> 10 cooling tons): $1,200/cooling ton
Home Performance with ENERGY STAR
Refundable Clean Heating Fuel Tax Credit (Personal)
On-Site Wind Incentive Program
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.
Anaerobic Digester Gas-to-Electricity Rebate and Performance 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
Source: https://www.dsireusa.org/
Solar incentives help mitigate the cost of installing solar panels on your home. This category of financial incentives is intended to encourage more people to convert their home partially or fully to renewable energy. Different types of incentives, such as cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be provided via the state of New York, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:
- Tax Exemptions: These could come in the form of property tax exemptions, which allow you to exclude the value of your solar system when calculating the taxes you pay on your house. You could also look for exemptions on sales tax at the time of purchase.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement with your Fairmount utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you may receive a refund equivalent to a percentage of the value.
- Rebates: Rebates, or partial refunds after a purchase, are typically given before any solar tax credits are calculated. These rebates might be provided by your local utility company, by your county or by your state.
Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is likely the best-known federal solar incentive. The ITC allows you to claim a tax credit for a predetermined percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost – for panels, equipment, labor and accessories – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
Talking to your local Fairmount solar panel installer is the best way to understand how the ITC could apply to you.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit now runs until 2035. Homeowners can now apply for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The total credit will then be decreased by a few percentage points every year until it expires. Beginning in 2023, it will also be easier to get credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. Your local Fairmount solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it applies to you.
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. These incentives may be distributed by your county or municipality, or by the New York government. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Fairmount
The expanding number of available solar incentives has enormously increased the use of solar power nationwide over the past 15 years. You can get solar incentives from your local utility company, the New York government or the federal government. When you're prepared to make the change to solar energy, reaching out to your local Fairmount solar panel installation expert is an excellent place to start.
EcoWatch's Fairmount, NY Solar Incentives FAQs
How do I learn if I qualify for specific solar incentives?
Broadly, solar incentives apply to:
- a new solar panel system
- installed on property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the New York government or by your county/municipality, could have additional qualifications. Talk to your local Fairmount solar installer to learn more about what incentives your project may qualify for.
How much will solar panels save me on my electric bill in Fairmount annually?
On average, homeowners in Fairmount who install solar panels save around $622.37 per year, or approximately $11,825.06 over 20 years after they make the switch.
Can I use multiple types of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also combine renewable energy generation with a non-renewable backup source of energy. Make sure that you discuss the details of your plan with your local Fairmount solar panel installer, so that you understand what you'll need and what types of incentives you may or may not qualify for.
Can I claim incentives for adding solar panels to a vacation home, rental property or commercial property?
Many solar incentives are intended to apply to a property located within the United States that you own; most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to fully understand what incentives will apply to your specific situation.
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