Ny Sun Solar Renewable Energy Credits

As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state.

Ny sun solar renewable energy credits. Ny sun has multiple resources to help new yorkers harness the power of the sun including. A rec is a certificate created by a tracking system such as the new york generation attribute tracking system nygats that represents the attributes of one megawatt hour of electricity generated from a renewable source like solar or wind. The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing an average sized residential solar. Solar renewable energy certificates srecs are a solar incentive that allows homeowners to sell certificates for energy to their utility.

We offer incentives and financing options to lower the cost of purchasing and installing solar at home. The solar energy system equipment credit is not refundable. First you don t have to purchase your system to claim the credit i e. Learn how you can benefit from new york s solar incentives rebates tax credits today.

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. Ny sun makes going solar easier and more affordable for new york residents. In addition to our incentive programs and financing options you may qualify for federal and or new york state tax credits for installing solar at home. However any credit amount in excess of the tax due can be carried over for up to five years.

The new york solar tax credit can reduce your state tax payments by up to 5 000 or 25 off your total solar energy expenses whichever is lower. What is an srec. A homeowner earns one srec for every 1000 kilowatt hours kwhs produced by their solar panel system an srec can be worth over 300 in certain states. Our goal is to help make it possible for new yorkers to choose clean energy while lowering their energy costs.

The great advantages of the solar equipment tax credit are twofold. Nyserda s policy regarding the treatment of renewable energy attributes credits and claims associated with renewable systems for which nyserda has provided financial incentives under the customer sited tier and ny sun programs changed in march 2017 in accordance with an order issued by the public service commission. What is a renewable energy certificate rec. New york is a top 10 solar state 1 and for good reason.

New york state is making solar energy more accessible to homes businesses and communities through ny sun. Srecs exist as a result of a regulation known as the renewable portfolio standard rps. If you re a new york state resident interested in filing for a renewable energy tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing.