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Cost of Installation of Solar Panels in New York

Solar panels are an eco-friendly way to satisfy the energy needs of your home. Moreover, they also save a lot of money by reducing your big electricity bills and reducing the overall expenditure. Although the initial cost of installation can be high but they prove to be beneficial in the long-run. The following blog will help you to find out the actual costs of installing solar panels in your home.

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Cost of Installation of Solar Panels in New York

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  1. Presented By: Venture Home Solar Cost Of Installation Of Solar Panels In New York

  2. Current Federal & New York Solar Rebates • All 50 states are eligible for a 30% Federal Investment Tax Credit (ITC) to reduce the cost of the system. • This is calculated as 30% of the value of your system after the upfront NYSERDA rebate • Solar specialist will calculate this for you and can consult with your accountant to fill out Form 5695 to claim your credit.

  3. NYSERDA Rebate • New York State we have a program to lower the initial cost of a system. • NYSERDA will reserve your incentive based on the size of your system. • The average system size is about 7 kW, but you can receive this rebate up to 25 kW. • ConEdison territory has the highest incentive level in the state.

  4. NY State Personal Tax Credit • New York State also has a personal tax credit (PTC) of up to $5,000 for homeowners who choose to purchase, finance, or lease their system. • It is calculated as 25% of your cost after the NYSERDA rebate with a $5,000 maximum amount. 

  5. NYC Property Tax Abatement • In October 2014 the New York State Senate passed Bill S0746A to extend and increase the property tax abatement for solar energy systems made on buildings in cities with 1 million or more people, which is currently only New York City. • The property tax abatement (PTA) is calculated as 20% of your system value after your NYSERDA rebate, paid out equally over 4-years through a line item reduction in your property taxes.

  6. What Does It Cost Me? • Solar energy systems not only save you money, but they increase the value of your home. • Finance with $0 out of pocket, or roughly 4-5 years if you pay for the system upfront. • With leasing options you will be saving from day one with a huge immediate savings between your NY State Personal Tax Credit and your NYC Property Tax Abatement.

  7. Contact US • Venture Home Solar • 240 Kent Ave Brooklyn, • NY 11249 • +1 800-203-4158 • http://venturehomesolar.com/ • Resource: http://goo.gl/j8rSkJ

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