Income & Rebates in Hudson Valley
Solar Energy to Fit Your Budget
New York offers some of the most attractive solar incentives of any state in the country. This can make going solar an attractive investment for people of all income levels. At Lighthouse Solar, we can advise you of possible incentive programs and provide a free estimate for Hudson Valley solar installation.
Solar Incentives from New York State
Like many states, New York understands the importance of sustainable energy sources for future energy production and energy independence. In order to help residents and business owners implement solar technology, the state has introduced several incentive programs, some based on income and rebates for homeowners to help offset the cost of Hudson Valley solar installation.
New York offers solar incentives that include:
- The NY Sun Initiative – NY Sun offers incentive programs for homeowners for solar panel installation. The Affordable Solar program provides double the amount of NY Sun incentives for homes with low to moderate incomes. To qualify for Affordable Solar, the household income needs to be below 80% of the state median income. Other incentives include the K Solar program for schools and Shared Solar program.
- Net Energy Metering – You may know that grid-tied solar panels allow you to send excess power generated by your solar system into the grid and receive compensation from the utility company. This incentive is designed to ensure that you receive a fair price and credits can be used in months when your system generates less electricity.
- New York State Energy Research and Development Authority (NYSERDA) – The state is trying to help make solar more affordable through a variety of programs, including incentives and financing options. The programs are designed to bring the cost of solar installation to a level that will make it possible for you to enjoy sustainable, lower cost energy.
- State Tax Credit – Installing solar panels can lower your state tax liability. The amount of the tax credit is the lower amount of either 25% of your expenses or $5,000. If your tax liability is not enough to claim all of your tax credit, you can carry over the remainder to the next year.
Our sales team has extensive knowledge of the rebates, tax credits, and incentives for solar panel installation in the Hudson Valley. We can explain the options that are available to you from state and federal sources and flexible solar loans with payments to fit your budget. We can show you how you can save money right away with electric savings that are greater than your loan payments.
Federal Tax Credits
Homes with lower incomes often find that combining rebates and incentives help to make the switch to solar more affordable. The federal government allows you to reduce federal tax liability when you purchase a solar energy system. You can claim up to 30% of the cost of the system.
Reach out to Lighthouse Solar today at (845) 251-2012 for a free estimate for solar installation.