Solar power has been made more accessible to the average American homeowner through federal and state tax incentives since 2006. Some of these are no longer available, but the major one for Long Island and Manhattan residents is the federal Investment Tax Credit (ITC), which gave a 30% tax credit to solar energy system owners.
The ITC, which is currently still the largest incentive available, is unfortunately being phased out starting in 2020. Since the ITC was enacted in 2006, it reimbursed 30% of a solar project’s cost. In 2015, it was extended another 4 years and then planned to phase out starting on January 1st, 2020. For 2020, the federal tax credit has been reduced to 26%, and will be reduced to 22% in 2021, and then be gone entirely in 2022 for residential systems.
The truth is, that with the federal tax incentives about to disappear, the best time to go solar is NOW. The solar energy system specialists at NY State Solar are very knowledgeable about the different incentives that are available to local residents now, and the ones that will continue to be available in the future. If you have questions or want more information, contact us for a detailed overview of how you can save the most money when going solar.