2024 Solar Incentives Guide for Haverstraw, NY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Haverstraw.
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.
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Updated February 03, 2024
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What Solar Tax Credits, Incentives, and Rebates are Available in Haverstraw?
Home Performance with ENERGY STAR
Residential Wood Heating Fuel Exemption
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.
Residential Solar Tax Credit
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%
Local Option - Real Property Tax Exemption for Green Buildings
Energy Conservation Improvements Property Tax Exemption
Local Option - Solar Sales Tax Exemption
State of NY Commercial PACE Financing Program
Solar Sales Tax Exemption
Ground Source Heat Pump Rebate Program
Large Systems (> 10 cooling tons): $1,200/cooling ton
Refundable Clean Heating Fuel Tax Credit (Corporate)
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)
Refundable Clean Heating Fuel Tax Credit (Personal)
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 encourage homeowners to make the switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. Different kinds of incentives, like discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be offered by the New York government, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Rebates: Rebates, or cash back after a purchase, are normally given before any solar tax credits are calculated. Solar rebates might be offered by your local utility company, by your county or by your state.
- Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar panels. Property tax exemptions allow you to ignore the value that your solar panels add when you're calculating the amount of property tax you need to pay on your home.
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you have a net metering agreement in place with your Haverstraw utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other places you may be refunded a percentage of the value.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits are different from tax deductions.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC initially applied to 30% of the total cost of installing a solar system, although that number has fluctuated slightly over the last few years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of equipment, labor and accessories. There is no maximum amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
To best understand how the ITC may apply to your situation, get in touch with your local Haverstraw solar panel installation expert and ask for more information.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. 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 percentage will be reduced slightly each year until the end of the program in 2035. The expansion to the program also makes credits for energy storage systems even easier to claim, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. The easiest way to understand how the new Clean Energy Credit applies to you is to speak with your local Haverstraw solar panel installers directly.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more are often offered at the state and local level. These incentives may be offered by the New York government, or by your county or municipality. Some incentives may be ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Haverstraw
Solar incentives can be provided by the New York government, the federal government or your local utility company. The growing number of solar incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. Speak with your local solar panel installer today to find out more information and to save as much money as possible on solar panels for your Haverstraw home.
EcoWatch's Haverstraw, NY Solar Incentives FAQs
What are some of the environmental benefits of switching to solar energy?
Solar energy is renewable — by switching where you get your energy, you help lessen the strain on our planet's resources. Solar panels can also lower your home's CO2 emissions by 100 pounds yearly, or around 2,000 pounds over 20 years.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can get?
The recently passed Inflation Reduction Act provides several incentives meant to reward homeowners for making eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can claim both tax credits and rebates towards the cost of your solar panels. Depending on precisely which incentives you are claiming, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to verify that you are claiming incentives correctly and getting the most money possible.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of solar and wind power. You can also use both renewable energy sources and a non-renewable backup source of energy. You should discuss your proposed plan with your local Haverstraw solar panel installer, so that you understand what you'll need and what kinds of incentives you might or might not qualify for.
What if I am planning to add solar panels to a vacation home, rental property or commercial property? Will I still qualify for incentives?
While we recommend speaking with your local solar installer and/or tax professional to better understand what solar incentives apply to you, many will apply to a second home, provided that it is in the United States and owned by you. There may be other incentives available specifically for commercial properties, depending on the details.
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.