Are you interested in potentially adding tens of thousands of dollars to your annual savings (or income)?
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You would, wouldn’t you? Fortunately, there are incentives available from the state of New York to install solar panels.
You can save money on your electricity bill (or perhaps get rid of it entirely), increase your home’s value, lessen your impact on the environment, and even make a profit by switching to solar energy. (source)
All but a handful of states offer financial incentives for homeowners who install solar panels on their roofs. All of these programs have made solar energy a great financial bet in the Big Apple.
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The Year 2023 Will Bring a New Federal Tax Credit
Installing a solar energy system in New York is expensive, but the federal government has provided a tax credit to help.
The United States Department of Energy Efficiency and Renewable Energy reports that the ITC was extended by Congress in December 2020, resulting in a 22 percent tax credit for systems implemented in 2023. The best part is that there is no capped payout amount.
Additional Information About Solar Power
Consumer Affairs estimates that the national average for installing solar panels is around $12,000.
Yes, it will cost you now, but the payoff, in the long run, will be well worth it. Your federal tax refund might be increased by as much as $3,120 simply due to the 26% tax credit.
Keep in mind that using solar power can completely get rid of your monthly electricity costs. Considering that New Yorkers spend an average of $2,616 per year on energy costs, this program may be worth investigating.