Long Island Solar Companies and Clients Will Benefit from New Law
The Senate has passed the Inflation Reduction Act of 2022, ensuring growth for solar power on Long Island in the years moving forward. The Inflation Reduction Act will provide incentives for solar customers and manufacturers, which will keep the cost of Long Island solar installation affordable. Learn how the Act could affect Long Island solar companies.
Tax Credits for Solar Power on Long Island
When signed into law, the Inflation Reduction Act of 2022 will provide 30% Federal Tax Credits for solar power on Long Island. The credit will be based on the cost of your installation and will be available until 2032.
This extends and improves one of the most important tax credits for solar power on Long Island.
The United States House of Representatives will convene on August 12 to vote on the final passage. It will then be signed into law.
Why Tax Credits are Important
Solar is one of the most valuable investments that you can make in your home. While solar has become more affordable in recent years, the cost isn’t trivial. Tax credits and refunds, like those that the Inflation Reduction Act will extend, can drastically reduce the cost of a Long Island solar installation.
At Long Island Power Solutions, we use your expected tax credits for our no money down financing model.
- An initial loan is based on expected tax returns. This loan is interest-free and paid in full at the end of the tax year.
- The second loan is offered with a competitive interest rate, and you can choose the term so that repayments suit your household budget.
Solar tax credits, like those made with the Inflation Reduction Act, make it easier for more families to get solar power on Long Island. You’ll enjoy a stronger return on investment over time without having to save for a large down payment.
New Law Also Benefits LI Solar Companies
The solar industry in America continues to grow. Long Island solar companies will become more viable with new government funding. By offsetting the cost of installation, Long Island solar companies will have more work available. This creates jobs in the local economy and stimulates communities.
Long Island Power Solutions is committed to the local business community and residents. We have installed more than 5,000 systems to date.
Start with an Estimate from Long Island Power Solutions
Switching to solar is easy when you have one of the leading Long Island solar companies working for you. Long Island Power Solutions is a team of talented solar experts committed to clean energy and long-term savings. We will design your system so that it generates significant savings with a return on investment over time. If you want a household that is more efficient and more affordable, solar is the obvious solution.
You can get a free solar estimate from Long Island Power Solutions today. We’ll look at your energy usage needs and ensure that your system is both efficient and ready to provide all of the practical and financial benefits of solar. We’ll also help with available tax credits, ensuring that you get the most affordable installation while taking advantage of state and federal government incentives.
Choose one of the leading Long Island solar companies and enjoy affordable electricity at home with clean and reliable solar.