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

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

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

Solar incentives are intended to encourage homeowners to switch to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. Incentives may include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are offered federally, while others are handled by the New York government or your utility company, county or municipality. Some solar incentives you might qualify for are:

• Net Metering: Make sure you talk with your Wantagh utility company about signing a net metering agreement. This allows you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Exemptions: Your solar system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the value added by your solar panels when you are calculating property taxes on your home.
• Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
• Rebates: Solar rebates may be provided by your local utility company, or by your state or county. These rebates are essentially partial refunds that are applied after your purchase of a solar system and before tax credits are calculated.

Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have some knowledge of. One of the incentives that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a certain percentage of your solar system's cost.

The ITC applies 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, labor, accessories and equipment — although it may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.

To better understand exactly how much money the ITC could save you, talk to your local Wantagh solar panel installation expert.

In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners can receive a credit equal to 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to claim credits for energy storage systems with the new act.

More information about the new Inflation Reduction Act can be found here. To best understand how the new Clean Energy Credit might apply to you, get in touch with your local Wantagh solar installers.

State & Local Solar Incentives

There are more than just federal solar incentives; tax credits, rebates and more may be offered at the local or state level. Certain incentives are ongoing, while others may only be available for a limited time. Incentives might be provided by your county or municipality, or by the New York government.

Next Steps for Installing Solar in Wantagh

You can apply for solar incentives from the federal government and the New York government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped increase nationwide solar energy use enormously. Getting in touch with your local Wantagh solar panel installer is the right first step towards getting the most money possible when you switch to solar energy.