2023 Solar Incentives Guide for Lake Grove, NY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lake Grove.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 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 Lake Grove solar installers to see how much you can save.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Lake Grove?
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)
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)
PSEG Long Island - Residential Energy Efficiency Rebate Program
Advanced Power Strips: $10 - $20
Air Purifier: $25 - $50
Clothes Dryer: $50 - $250
Clothes Washer: $50
Exhaust Fan: $20 - $25
Electric Freezer: $30
Heat Pump Water Heater: $650
Pool Pumps: $150 - $350
Refrigerator Recycling: $50
Instant Rebates Vary by Product
Bulk Light Purchases: Up to $2 - $3/unit
Cooling & Heating
Central Air Conditioning: $450
Smart Thermostat: $85
Ground Source Heat Pump: $2,000/ton
Ground Source Heat Pump Rebate Program
Large Systems (> 10 cooling tons): $1,200/cooling ton
Home Performance with ENERGY STAR
NY Green Bank
Refundable Clean Heating Fuel Tax Credit (Personal)
Federal Residential Renewable Energy Tax Credit
Solar incentives help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are intended to encourage more people to switch their home over to renewable energy. Various types of incentives, including cash back, discounts or credit towards your monthly utility bill, might be available to you. Certain 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:
- Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you've signed a net metering agreement with your Lake Grove utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in other areas you may get refunded a percentage of the value.
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off your total price before any tax credits are calculated.
- Tax Exemptions: These might come in the form of property tax exemptions, which allow you to ignore the value of your solar system when paying property tax 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 government.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. An incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specific percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost — for panels, equipment, accessories and labor — although it may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
To find out exactly how much money the ITC could save you, get in touch with your local Lake Grove solar panel installer.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will be decreased slightly on a yearly basis until the end of the current program. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. The easiest way to learn more about how the new Clean Energy Credit applies to you is to reach out to your local Lake Grove solar panel installers with your questions.
State & Local Solar Incentives
Tax credits, rebates and more might be provided at multiple levels. In addition to federal solar incentives, there are often state and local ones as well. Some incentives are offered for only a limited time, while others are ongoing. Your local solar incentives might come from your county or municipality, or from the New York government.
Next Steps for Installing Solar in Lake Grove
There are a variety of solar incentives: those offered by local utility companies, those offered by the New York government and those offered by the federal government, to name a few. Solar energy use has grown tremendously in the last 15 years, thanks to these incentives. Reach out to your local solar panel installer today to find out more information and to save the most money possible on solar panels for your Lake Grove home.
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EcoWatch's Lake Grove, NY Solar Incentives FAQs
How can I learn if I qualify for solar incentives?
It's a good idea to talk to your local Lake Grove solar installer to get an understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those provided by the New York government, might have additional requirements.
What are some environmental benefits of installing solar panels on my house?
You can decrease your carbon footprint by 500 pounds of CO2 annually when you install solar panels. This adds up to roughly 10,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly called the ITC and now titled the Clean Energy Credit, is set to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I receive incentives both towards the initial cost of solar panels, and later as reimbursement?
The order in which incentives are applied might vary depending on which incentives you receive but generally yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to ensure you are claiming all possible incentives and applying them in the correct order.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you discuss your ideas with your local Lake Grove solar installation expert. They can help you as you plan for your project and educate you on the various incentives that you may or may not qualify for.
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.