New York Solar Incentives

Use these New York solar programs and energy incentives to finance your commercial solar project.

If you want to switch your New York business to solar electricity, you’ll need a way to finance your solar project. Take advantage of these New York state incentives for solar energy to make your project a reality. Verogy helps you harness NY solar incentives in 2021 and beyond.

Solar Incentives in NY

NY-Sun Commercial and Industrial Incentive Program

This grant program offers incentives for non-residential solar PV systems that measure 200 kilowatts (kW) or larger. Your PV system receives the program’s incentives based on its annual energy production during its first three years of operation. The incentives are based on Megawatt (MW) Block designs that allocate incremental MW targets to certain regions within New York State. The incentives decrease over time for each target region until they are no longer offered there. However, this solar program offers additional incentives for installations in utility-identified strategic locations, systems with integrated energy storage, and solar projects with comprehensive energy efficiency.

PSEG Long Island Commercial Solar PV Feed-In Tariff

The PSEG Long Island solar incentive program is a “buy-all, sell-all” program in which all your solar energy system’s power is exported to the power grid. Then the program offers the energy to commercial users for a fixed price through a 20-year power purchase agreement.

The fixed price is set during a Clearing Price Auction. If you want your solar project to be eligible for this program, your solar panel system’s output must fall between 200kW and 1,000kW, and you must install the solar panels on your building’s roof. If you’d like to put your solar power back into the grid and purchase it for a fixed price, this program may be for you.

Net Metering

Net metering allows eligible solar system owners to offset their electric bills by returning their excess solar electricity to the power grid. When you participate in this solar program, your utility company fits your system with a meter. When the meter spins forward, you’re consuming energy from your utility company. When it spins backward, you’re using energy your solar system generates. If you use more power from generated solar electricity than from your utility company, you’ll receive a monetary credit on your electric bill. This system helps you manage the costs of solar installation and maintenance.

New York State first passed a net metering law for solar PV systems in 1997. The Legislature has expanded the law to cover other forms of renewable energy, but it still includes the solar industry. Solar programs in New York have been a priority for a long time, and this incentive is still here to offset your maintenance and installation costs.

Find Out If Your Project Qualifies for Incentives

Reach out to us today to find out which solar incentives and tax credits your solar project qualifies for.

Federal Solar Incentive Programs

Business Energy Investment Tax Credit (ITC)

The federal Investment Tax Credit is currently at 22% for 2021. This is the last year where the ITC will be above 10%, so you should take advantage of this solar tax credit now. In 2022 and all following years, it will be at 10%. This incentive option can make it more feasible and appealing to purchase your solar array outright, as other purchasing options aren’t eligible for this tax credit. If you take advantage of the tax credit’s current rate, you’ll save more money than you will if you wait to purchase your solar system in a later year.

Modified Accelerated Cost-Recovery System (MACRS)

MACRS is a national incentive that allows businesses to recover their renewable energy project investments through depreciation deductions. This system sets up different class lives and schedules for renewable energy project depreciation. Most solar energy systems fall into the five-year schedule. If your system was acquired and installed between Sept. 27, 2017, and Jan. 1, 2023, you could receive a bonus depreciation of 100% because of the Tax Cuts and Jobs Act of 2017. This system can help make your project more feasible by helping you recover the costs of your investment over time.

Take Advantage of These Solar Incentives With Verogy

Verogy’s solar experts work with you to locate and access the right incentives for your solar project. If there’s an NY solar credit out there, we’ll find it. Regardless of whether it’s a grant program, a federal tax credit, or a long-term incentive program, we’ll find the incentives to make your project a reality.

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