Solar Panel Laws in New York

New York solar panels

3 Solar Panel Laws in New York That Can Save You Money

Many energy consumers in the Empire State have felt the urge to go green. Whether it’s through wind, solar, or other renewable means, the opportunity to reduce reliance on fossil fuels has never been greater.

For those looking to turn to the power of the sun for their energy needs, it’s important to stay informed when it comes to solar panel legislation in New York in order to take advantage of money-saving incentives.

3 Solar Panel Laws in New York That Can Save You Money

1) Net Metering

The generation of solar electricity by individual homes is finally feasible thanks to New York’s adoption of net metering, which allows for excess electricity generated on sunny days to be returned to the electrical grid. Consumers can then receive credit or payment from the utility company for the amount of power generated.

2) State Solar Energy Incentives

To increase solar energy resources, New York offers financial incentives that help businesses, schools and homeowners defray the upfront cost of solar energy equipment. Among these incentives are:

An income tax credit for 25% of the cost of the system installed, up to a maximum of $5,000.

Exemption from sales tax for passive solar space heat, solar water heat, solar space heat and photovoltaics installed.

A 15-year real property tax exemption for the cost of systems installed in the state.

3) Excellent RPS Laws

An RPS, or Renewable Portfolio Standard, is a state law that mandates that a certain percentage of all energy generation come from renewable sources by a certain date.

In an RPS, utility companies must meet these standards by either generating renewable energy or buying it from their customers.

If they don’t meet these standards, they’re forced to pay high fees. Utilities in states with strong RPS laws often offer these money-saving incentives to homeowners since it’s cheaper than paying the fees involved.

With the nation’s seventh best RPS, New York boasts a renewable program that benefits the consumer in myriad ways.

So whether it’s thanks to net metering, state solar energy incentives, or the state’s progressive RPS laws, the Empire State offers many opportunities to save some green while going green.

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