New York Solar Incentives Explained

New York’s solar incentives make installing solar panels affordable. Coupled with federal incentives, you can install solar for a fraction of the price and start saving big on electricity.

 

National Grid Grant

Available to National Grid customers installing solar at a location that processes food (like a farm, orchard, or vineyard), this program offers grant amounts dependent on the size of your system:

  • $25K Investment – $5K Grant
  • $25 – $100K Investment – $10K Grant
  • $100 – $500K Investment – $25K Grant
  • Over $500K Investment – $50K Grant

 

NYSERDA Grant

This grant from New York state cuts the amount of money you need to finance and is available to any project in New York.

 

Accelerated Depreciation

If you’re a business, you can accelerate all depreciation benefits on your solar system to the year it is placed into service, greatly reducing the upfront costs.

 

Federal Solar Tax Credit

As long as you have tax liability and own your solar system, you’ll be able to recapture 30% of the system cost by deducting it from your owed taxes. But come 2020, this credit begins to step back. Learn more here.

 

Cut Installation Costs by Over Half

 

By using these available incentives and a USDA REAP Grant, Frank Gallagher, CFO of Leprechaun Lines and Gallagher Bus, cut the price of his system by 71%. “This system will be paid for in four years. After that, 26 years of free electricity.”

 

 

But don’t wait! Starting in 2020, these incentives start going away.

 

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How Much Will A Solar System Cost?

Check out the chart below for an idea of how much you could save on solar.

 

$600/Month Electric Bill $1,200/Month Electric Bill
System Cost $112,400 $212,000
30% Federal Tax Credit $33,720 $63,600
Depreciation (22%) $27,563 $52,211
National Grid Grant (food producers/farmers only) $25,000 $25,000
NYSERDA Grant $22,500 $45,000
System Cost After Incentives $3,617 $26,189
Payback Period  Less than 1 year Less than 2 years
Average ROI 15.2% 15.5%

 

 

 

About Paradise Energy

solar energy installation in new york

Paradise Energy Solutions is a family-owned, full-service solar installation company. Since 2009, we’ve helped more than 1,000 businesses, homeowners, and farmers throughout the mid-Atlantic states become good stewards of God’s abundant resources by installing solar systems. Our craftsmanship and expertise are backed by our Triple Ten Guarantee and our status as an NYSERDA-recognized Quality Solar Installer.

 

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