The government solar incentives in NY are lucrative today, but they won’t be around forever. As more people transition to solar and the state and federal government meet their environmental goals, the incentives are likely to decrease or possibly disappear altogether at some point.

Long Island Power Solutions is here to help you understand New York State solar incentives so that you can significantly offset the cost of installing clean and reliable solar.

The federal government offers its own credit program for taxpayers. You can enjoy a generous NY solar tax credit under the federal program, which isn’t capped.

You are eligible for the current federal NY solar tax credit if:

• You install a system before December 21, 2021.
• You are installing solar for the first time (the credit must be claimed on a new system).
• You are having solar installed at a primary or secondary residence.

The federal NY solar tax credit provides 22% of the total cost of a solar installation, with no cap. It is currently valid for all of 2021 and could be extended. With current government policy, we will likely see the incentive continued or a similar incentive created. Federal credits are introduced and approved by Congress and the Executive Branch. New York State representatives do not directly control or administer the federal NY solar tax credit.

In your initial consultation, we’ll explain all current NY solar tax credits and plan your financing around the expected benefits.

With our SMART solar program, we use New York State solar incentives to offset the cost of your solar installation.

• When you enroll in the SMART solar program, we calculate your expected tax credits.
• Residential solar financing is split into two terms.
• The initial term is interest-free with no money down. It is planned around your tax credits, which you will use to pay off this loan in full.
• The remaining balance on your solar system will then be added to a term loan at a low fixed rate. You can choose the term to suit your needs.
• Residential solar financing has no penalties on early payments, so you can pay off your solar in a way that suits you, as long as you are meeting minimum payments.

By splitting residential solar financing, we maximize your federal and New York State solar incentives. With the tax credits being as generous as they are today, we recommend installing a solar system sooner rather than later.