Electricity Rate Hikes
Con Edison recently announced a schedule of rate hikes beginning this month with the first being a 9.1% increase. New York already has the 10th highest domestic electricity costs, paying 43% more than the national average.
Are you ready to put a lid on your rising energy costs? Reach out to us and we can show you what's possible with solar power.
Solar Incentives in NY: Renewable energy rebates put money back into your business to offset the cost of solar panel installation. Various programs and incentives change over time. Here are the latest New York solar incentives.
New York State Energy Research and Development Authority (NYSERDA) Programs: NYSERDA provides various programs and financial incentives to help offset the cost of a solar energy installation:
a.) NY-Sun Commercial and Industrial Incentive Program: This program provides incentives for the installation of solar systems on commercial and industrial buildings greater than 750kW. Incentives are provided on a per-watt basis, and the exact incentive amount depends on the system size and location within the New York grid.
b.) NY-Sun Non-Residential Incentive Program: Under this program, incentives are provided based on a declining block structure, where incentive levels decrease as capacity blocks are filled. It is designed for solar projects under 750 kW.
Accelerated Depreciation: Businesses in New York may be eligible for accelerated depreciation on their solar energy systems, allowing them to recover the costs more quickly through tax deductions. 80% can be deducted in year one, 20% in year two. A tax professional can consult on the specific depreciation benefits and requirements.
Federal Investment Tax Credit (ITC):
Although not specific to New York, the federal ITC is a significant incentive for commercial solar installations throughout the United States. It allows businesses to claim a tax credit equal to 30%, 40%, 50%, up to 60% of the total installed costs of a solar energy system.
Local utilities, municipalities, and other organizations may offer additional incentives or financing options. Our solar experts are available to ensure you take advantage of all available rebates and incentives. Learn more about Smart Roofs Energy here.