Ask your Solar Installer regarding these Solar Incentives

If you're considering a solar installation in Brooklyn, NY, you're not just making an environmental choice but also a financially savvy one. Here's why:

1. Property Tax Abatement

One of the most immediate benefits for Brooklyn homeowners is the Property Tax Abatement. This incentive allows you to reduce your property taxes by 30% of the solar system's cost, spread over four years. Essentially, you get a 7.5% reduction each year. For a system costing $20,000, this could mean a tax reduction of $1,500 annually for four years, significantly offsetting your initial investment.

2. NYSERDA State Rebate

The New York State Energy Research and Development Authority (NYSERDA) offers a rebate through the NY-Sun program. This rebate varies but can be around $0.20 per watt installed. For a 5 kW system, that's a $1,000 reduction in your upfront costs, making solar more accessible.

3. New York State Personal Income Tax Credit

Homeowners in Brooklyn can claim a state personal income tax credit of up to $5,000 for solar installations on their primary residence. This credit directly reduces your state tax liability, essentially acting as a rebate on your solar investment.

4. Federal Investment Tax Credit (ITC)

The federal government's Residential Clean Energy Credit, previously known as the ITC, allows you to deduct 30% of the cost of your solar system from your federal taxes. This is one of the most significant incentives, reducing your effective cost by a substantial margin. For a $20,000 system, this could mean a $6,000 tax credit.

5. Commercial Bonus Depreciation (MACRS)

For businesses in Brooklyn, the Modified Accelerated Cost Recovery System (MACRS) allows for accelerated depreciation of solar installations. This bonus depreciation can be particularly beneficial for businesses looking to reduce taxable income quickly, making solar a smart financial move for commercial properties.

6. Escaping High Electricity Rates

Brooklyn's electricity rates are among the highest in the country. Solar panels can drastically reduce or even eliminate your electric bill, depending on your system's size and your energy consumption. Over 20 years, savings on electricity could amount to tens of thousands of dollars, providing a strong ROI.

7. Special Financing Options

NYSERDA and other programs offer loans specifically for solar installations with rates as low as 3.49%. These loans are designed to make solar more accessible by reducing the financial barrier. With these rates, your monthly solar loan payment might be less than your current electricity bill, effectively turning your solar investment into an immediate cost-saving measure.

Why Choose Solar in Brooklyn?

• Environmental Impact: Reducing your carbon footprint is not just good for the planet but also enhances property value due to increasing demand for green homes.
• Financial Benefits: The combination of incentives makes solar financially attractive. The immediate tax benefits, coupled with long-term savings on electricity, can make solar a no-brainer for many Brooklyn residents.
• Energy Independence: Solar panels offer a degree of independence from utility companies, protecting you from future rate hikes.

Choosing the Right Solar Installer in Brooklyn, NY

When selecting a solar installer, consider:

• Experience and Certification: Look for companies with NABCEP certification or those recognized by NYSERDA for quality installations.
• Customer Reviews: Real experiences from Brooklyn residents can guide you towards reliable solar installers.
• Custom Solutions: Your home might require specific solutions due to its architecture or shading. A good installer will tailor the system to your needs.
• Warranty and Maintenance: Ensure your installer offers robust warranties on both equipment and labor, plus maintenance services.

Solar in Brooklyn New York Can be Right for You

The array of incentives for solar installation in Brooklyn, NY, makes it a prime time for both homeowners and businesses to invest in solar. From significant tax credits to property tax abatements, the financial benefits are clear. Not only do you contribute to a sustainable future, but you also secure your financial future against rising energy costs. If you're in Brooklyn, exploring solar with a reputable Solar Installer in Brooklyn, NY could be one of the best decisions for your wallet and the environment. Remember, the sun's energy is free; it's just a matter of capturing it efficiently. Although commercial solar in New York is a little different, it still follows the same guidelines.