Hello solar enthusiasts!
Today, I have some exciting news to share – changes may be coming to the solar industry that could be highly beneficial to you. We’re talking about a proposed bill that could essentially double the state income tax credit for solar panel installations for residents in New York.
Since its introduction in 2006, the Solar Tax Credit has been a shining beacon in New York’s commitment to renewable energy. But now, the game is set to change. Currently, the tax credit stands at 25% of the system cost, capped at $5,000 per household. However, a new proposal, Senate Bill S3596B, could double this amount to a whopping $10,000.
This change is indeed a tremendous step for householders looking to switch to solar power. It means for those of you contemplating a residential solar project or those who desire to upgrade their existing solar array for home, the process could become significantly more affordable.
But the bill doesn’t stop there; it also includes a provision that could benefit low-to-moderate income residents. For those who qualify, they would be able to receive the tax credit as a direct refund. Essentially, if the credit amount exceeds the amount due in taxes, the remaining credit would be paid out as a refund. This comes as a massive relief to homeowners in lower income brackets as it gives them a fighting chance to go green and take control of their energy production.
In terms of eligibility, if the bill passes, solar projects installed after January 1, 2025, would qualify for the elevated cap. Energy storage tied to a PV system would also be an eligible expense for the credit.
Solar companies will likely be ecstatic too! This bill could potentially give a beautiful boost to the solar industry by making solar panels for your home a more attractive and economical investment. It’s widely known that the upfront cost of solar panel installment, which often falls in the five-figure range, has been a deterrent for many homeowners. Therefore, increasing the residential solar tax credit limit could definitely expedite the expansion of residential solar installations, assisting New York State in meeting its renewable energy goals.
To show your support for this game-changing bill, join the rally taking place on Thursday, March 7, 2024, at 10:30 a.m. Participants are gathering at 838 Park Place, Crown Heights, Brooklyn. An income-restricted co-op building with a rooftop solar canopy is the venue for the rally. So come out, make your voices heard, and help to shape a brighter solar future.
In the meantime, stay tuned for more updates and insights on the world of solar. Together, let’s continue to harness the power of the sun.
Original Articlehttps://pv-magazine-usa.com/2024/03/06/proposed-new-york-bill-doubles-residential-solar-tax-credit-to-10000/
