Virginia Signs Solar Tax Credit into Law – Joining New York and Other States
On Tuesday, April 12, Virginia Governor Glenn Youngkin signed a new law to create a tax exemption for residential solar energy systems. The exemption will be applied to systems up to 25 kW, covering private residential and mixed-use systems. While Virginia has a way to go to catch up to some other solar states, it’s a step in the right direction. It adds validation to the solar industry and will inspire new customers to get connected to solar in Virginia. If you’re on Long Island, you already have access to similar benefits. Long Island solar installation is more affordable than ever, thanks to generous offers from the Federal and State governments.
The New York State Personal Tax Credit for Solar
Getting connected with a Long Island solar installation is more affordable thanks to credits offered by the State government.
Homeowners in New York State can get up to $5,000 in personal tax credit (PTC) when purchasing a system. This is applicable for systems purchased outright as well as those that are financed.
In addition, Long Island residents can take advantage of a property tax exemption covering 25% of the value of a new solar installation, up to a maximum of $5,000.
Congratulations to Virginia for making solar more accessible. On Long Island, you also have access to some great tax incentives that will make the switch to solar much easier.
The Federal Credit for Long Island Solar Installation
The Federal government offers a dollar-for-dollar tax credit to help people get installed with solar. This can be applied to your Long Island solar installation.
Currently, the Federal government provides a 26% credit covering part of the cost of a Long Island solar installation. This credit will decrease in 2023 and will need to be renewed by congress in the coming years. There’s no guarantee that solar tax credits will be around forever. As more customers connect, there will be less incentive for politicians to pass these laws. You can take advantage of the current credits by planning your Long Island solar installation in 2022.
Making it Easy to Get Solar Power on Long Island
With Virginia only just signing its solar tax credit into law, it could take some time before families can take advantage of rebates. Because New York has established its solar credits over several years, you can get affordable solar power on Long Island today.
In fact, with the right installer, you can even apply for expected tax credits directly to your financing.
At Long Island Power Solutions, we split our financing into two segments. You can get interest-free financing with no money down, covered by your upcoming solar tax credits. We will help you to evaluate the credits that you’re eligible for so that there are no surprises.
The second stage of financing kicks in once the interest-free loan is paid with your tax credits. This one can run over a longer-term so that your payments are affordable from month to month. We’ve partnered with the best banks and lenders to ensure that you get the most competitive interest rate on the second loan.
Solar power on Long Island can generate strong returns over the average 25 – 30 year system lifetime. With tax credits making it so affordable, there’s no reason not to get your free solar estimate and energy evaluation today.
Switch to Solar with Long Island Power Solutions
The team at Long Island Power Solutions has connected more than 5,000 customers to clean and reliable solar. We make the process easy, providing support throughout the initial consultation and the lifetime of the system. Long Island solar installation is more affordable than ever.
Just like folks in Virginia, you can get installed with some financial help from the government. Talk to our solar consultants to find out more.