Federal and NYS Tax Credits Will Grow the Solar Industry
The demand for solar continues to increase. Electric utility rates continue to climb. Solar power on Long Island can protect you from inflation. And, with federal and NYS tax credits, you can get a Long Island solar installation at a lower overall cost.
New Studies show that NYS tax credits and federal credits will significantly drive the solar market forward in the coming years.
It’s the Best Time to Get a Long Island Solar Installation
The solar industry is ready to grow. As it does, the waiting times for Long Island solar installation could increase until the workforce and supply chains catch up with demand. If you’re considering getting a Long Island solar installation, it’s better to get it sooner rather than later.
A new report from the Solar Energy Industries Association predicts that the Inflation Reduction Act will create massive growth for solar. The report noted that the new law provides certainty for the market for at least the next decade. The report predicts that the industry will triple in size over the next five years.
What does NYS Tax Credits Mean for Solar Power on Long Island?
If your home is on Long Island, you can access the generous NYS tax credits and the recently announced federal tax credit. Solar credits and incentives reduce the real cost of solar power on Long Island, making it more accessible with a better return on investment.
- The New York State Energy Research and Development Authority offers a reimbursement based on the size of your installation. This incentive comes off the top of your bill.
- State tax credits on personal income can cover up to $5,000 of the total cost of your installation.
- The federal credit has been extended until 2032, and it’s now worth 30% of the cost of your system. Combined with NYS tax credits, this greatly offsets the cost of solar power on Long Island.
Our team will help you to determine which credits and incentives are available in your case. Federal and NYS tax credits can be predicted and applied to an interest-free financing period. Once you receive the credits, you can pay the financing in full. The remainder of your solar bill will be added to a long-term loan with a competitive interest rate.
The cost of solar power on Long Island has decreased significantly in recent years. With the help of federal and state tax credits, it’s more affordable than ever to enjoy clean energy at home.
Plan Your Solar Installation with Long Island Power Solutions
Long Island Power Solutions is the most experienced solar installer in New York State. We have installed more than 5,000 systems for homes and businesses, focusing on efficiency and reliability.
We’ll start by looking at your electrical usage patterns and determine how solar can fit into your lifestyle. We won’t make you guess about the savings. The team at Long Island Power Solutions will provide a complete cost/benefit analysis so you can decide if solar is right for you.
You can get started with a free solar estimate based on satellite data. Work with a team that can deliver a reliable solar solution that saves you money. Talk to Long Island Power Solutions today.