Switching to solar comes with significant financial benefits, thanks to federal, state, and local incentives. These programs help reduce installation costs, lower energy bills, and increase long-term savings.
At Renew Solar Services, we guide homeowners through tax credits, rebates, and utility incentives to ensure they get the maximum financial return.
1. The Federal Solar Tax Credit (ITC)
🔹 What is it?
The Investment Tax Credit (ITC) lets homeowners deduct 30% of their total solar installation costs from their federal taxes.
🔹 How it works:
• If your system costs $20,000, you can claim a $6,000 tax credit (30%).
• If you don’t use the full credit in one year, you can roll it over to the next tax year.
• Covers solar panels, inverters, batteries, and installation.
🔹 Who qualifies?
✔️ Homeowners who own their system (not leases or PPAs).
✔️ Systems installed by December 31, 2032 (credit drops after this date).
💡 How to Claim: File IRS Form 5695 when submitting your taxes.
2. New York State Solar Incentives
New York offers some of the best state-level solar incentives in the country.
✔️ New York State Solar Tax Credit: Homeowners can claim 25% of their solar costs (up to $5,000) on state taxes.
✔️ Sales Tax Exemption: Solar panel systems are exempt from New York’s 4% sales tax.
✔️ Property Tax Exemption: Installing solar won’t increase your property taxes, even though it adds value to your home.
✔️ NY-Sun Program: A state rebate program that lowers upfront solar costs based on income and location.
💡 Renew Solar Services helps homeowners apply for all available New York solar incentives!
3. PSEG Long Island Solar Incentives
Homeowners in Long Island served by PSEG Long Island have access to additional solar benefits:
✔️ PSEG Long Island Solar Rebates: Offers direct rebates on solar installations for qualified homeowners.
✔️ Battery Storage Incentives: Rebates available for solar battery backup systems to store excess energy.
✔️ Net Metering: Earn credits for excess solar energy sent back to the grid, lowering electricity bills.
💡 Check with PSEG Long Island for the latest solar rebate amounts. Our team ensures you get the best possible incentives.
4. Net Metering – Sell Your Extra Solar Energy
🔹 What is Net Metering?
Net metering allows homeowners to send excess solar power back to the grid and receive bill credits from the utility company.
🔹 How it works:
• When your system produces more electricity than you use, the extra energy is sent to the grid.
• Your utility company credits your account for the excess energy.
• You can use these credits at night or during cloudy days when your system isn’t producing as much power.
💡 New York offers strong net metering policies, allowing homeowners to maximize savings!
5. Battery Storage Incentives in New York
New York provides rebates and tax credits for homeowners who install solar battery storage.
✔️ The NY-Sun Battery Rebate – Helps homeowners cover battery storage costs.
✔️ Time-of-Use (TOU) Savings – Store solar energy when rates are low and use it when rates are high.
✔️ Backup Power During Outages – Keeps your home running during grid failures.
💡 Adding a battery system can increase your savings and provide energy security.
How to Maximize Your Solar Incentives
At Renew Solar Services, we help homeowners:
✔️ Determine eligibility for federal, state, and utility incentives.
✔️ File paperwork to claim tax credits and rebates.
✔️ Work with PSEG Long Island to ensure you benefit from net metering and rebates.
✔️ Optimize system design to maximize long-term savings.
📞 Want to see how much you can save? Contact Renew Solar Services today for a free consultation!
Why Choose Renew Solar Services?
✔️ Expert guidance on federal & New York solar incentives
✔️ Hassle-free paperwork assistance for tax credits & rebates
✔️ Customized solar solutions for maximum savings
✔️ 20+ years of trusted solar experience
Maximize your savings and make solar work for you!