2023 Solar Incentives Guide for West Monroe, NY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in West Monroe.
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 West Monroe solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in West Monroe?
State of NY Commercial PACE Financing Program
Residential Solar Tax Credit
Refundable Clean Heating Fuel Tax Credit (Corporate)
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)
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)
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
The term "solar incentives" generally refers to financial incentives that are in place to encourage people to use renewable energy by making installing and using solar panels more affordable. Various types of incentives, such as discounts, cash back or monthly utility bill credits, might be available to you. Some incentives may be handled by 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: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the added value of your solar system when you're calculating how much property tax you need to pay on your home.
- Rebates: A solar rebate is a partial refund given after you've purchased your solar system. These might be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before calculating tax credits.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have in place a net metering agreement with your West Monroe utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other places you may make back a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
Federal Solar Incentives
When thinking about solar incentives, federal incentives might be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a certain percentage of the cost of your solar system.
The ITC can be applied to the total cost of solar panel installation, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
To best understand how the ITC could apply to your situation, speak to your local West Monroe solar panel installer and request more information.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). Homeowners can now qualify for a credit of 30% of the total solar system installation costs for projects started after January 1, 2022 and completed before the end of 2032. The percentage will then begin to decrease yearly until the Clean Energy Credit ends in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. Your local West Monroe solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more are often offered at the local or state level. These incentives might be handled by your county or municipality, or by the New York government. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in West Monroe
You can qualify for solar incentives from the federal government and the New York government, as well as from your local utility company. This increase in availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Speaking with your local West Monroe solar panel installer is the best first step towards getting all the incentives you qualify for when you switch to solar energy.
Best Regional Coverage
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's West Monroe, NY Solar Incentives FAQs
How can I learn if I qualify for certain solar incentives?
Broadly, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those run by the New York government or by your county/municipality, might have additional qualifications. Talk to your local West Monroe solar installer to discover what incentives your project may qualify for.
My home already has solar panels. Does my system qualify for any incentives?
Your best bet is to talk to a representative from the company that installed your solar panels — or reach out to a local West Monroe solar installer — to learn about which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are some of the environmental benefits of switching to solar?
Solar energy is a renewable energy source — by changing where you get your energy, you can help reduce the strain on our planet's resources. A solar system 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 introduces several incentives that reward homeowners who make eco-friendly upgrades. Some of these 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 up-front 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 which incentives you are applying for, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to verify that you are claiming the correct incentives and that you're getting the most money you can.
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.