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Solar Tax Credits in Long Island, NY
Long Island is one of the most affordable places to purchase residential solar panels. This is largely due to the generous solar tax credits available to Long Island homeowners. If you live in Long Island, you may be eligible to claim solar tax credits on both the federal and state level, which can lower the cost of your solar panels substantially.
While no plans have been announced to change New York’s solar tax credit, the federal government will phase out the solar Investment Tax Credit (ITC) by 2022. As a result, many Long Islanders are choosing invest in solar panels this year while the full ITC amount is still available to them.
New York State Solar Tax Credit – 26%
New York State’s Solar Equipment Tax Credit provides a refund on the overall cost of your solar panel system.
Unlike the federal solar tax credit, New York’s tax credit is available to those who purchase their solar panels with cash or a loan and those who have solar panels through a Power Purchase Agreement (PPA) or solar lease. You may be eligible for the solar tax credit in Long Island if the following are true:
- You are a resident of NY State and have tax liability in NY
- Your solar panels are installed at your NY primary residence
- If you have a solar PPA, your term is at least 10 years long
If you’re unsure about whether your Long Island home qualifies for this solar tax credit, you are welcome to contact Momentum Solar. Our knowledgeable team can help you determine if you are eligible for this hefty discount.
Federal Solar Tax Credit (ITC)
The federal Investment Tax Credit (ITC) is an important initiative that has helped countless Long Island homeowners purchase their solar panels. This incentive provides a 26% refund on the total cost of your solar panels in the form of a tax credit on your federal income taxes. You’ll be able to directly lower the amount of income tax you owe by 26% of the cost of your system.
As mentioned above, the federal government is phasing out this valuable incentive. If you want to take full advantage of the solar tax credit for your Long Island home, you need to act now, as the full 26% is only available until the end of 2020! After this, the program will be stepped down until it is discontinued completely for residential customers. In 2020, the refund will be lowered to 26%, with a further reduction to 22% in 2021.
Act Now to Take Advantage of Solar Tax Credits in Long Island!
If you have been considering making the investment in solar panels for your Long Island home, we encourage you to act now so you can take full advantage of the solar tax credits available this year. If you have not been able to save enough to purchase your solar panels yet, don’t let that stop you from missing out on the full savings offered by solar tax credits.
At Momentum Solar, we are committed to helping Long Islanders go solar and offer a number of solar financing options to make this possible. We provide our customers with a variety of financing options, including solar loans and Power Purchase Agreements, to make it affordable to go solar.
What are you waiting for? The time to act is now – contact us today to learn more about these solar tax credits and schedule your free consultation. This first step is a no-obligation way to explore your options and get an exact cost of solar panels for your Long Island home. We look to hearing from you!
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