2023 Solar Incentives Guide for Noyack, NY - Tax Credits & Rebates

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

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

Solar incentives encourage homeowners to make the switch to renewable energy by providing financial incentives meant to lower the burden of solar panel installation and use. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are offered by the New York government or by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:

• Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. The value of a rebate will usually come off your total price before tax credits are calculated.
• Net Metering: Make sure you talk with your Noyack utility company about signing a net metering agreement. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
• Tax Exemptions: These may come in the form of property tax exemptions, which let you ignore the value added by your solar panels when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.

Federal Solar Incentives

Federal solar incentives are likely the first thing that you think of when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC allows you to claim a tax credit for a specific percentage of your solar system's cost.

The ITC applies to solar panels 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, accessories, equipment and labor — although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.

Curious how the ITC might apply to your specific situation? Reach out to your local Noyack solar panel installation expert to get more information.

In August 2022, the Inflation Reduction Act expanded and extended the ITC, 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. After 2032, the 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 understand how the new Clean Energy Credit applies to you is to talk with your local Noyack solar panel company.

State & Local Solar Incentives

Rebates, tax credits and more can be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones, too. These incentives may be handled by your county or municipality, or by the New York government. Some incentives may be ongoing, while others are available for a limited time.

Next Steps for Installing Solar in Noyack

The expanding number of solar incentives available has helped tremendously increase the adoption of solar energy nationwide over the past 15 years. You might qualify for solar incentives from the New York government, the federal government or your local utility company. When you're prepared to switch over to solar energy, reaching out to your local Noyack solar panel installation expert is an excellent place to start.