For those seeking to own residential solar panel systems, the 30% Residential Clean Energy federal solar tax credit helps reduce the large upfront investment. This federal tax credit will begin to decrease in 2033. 

While the federal tax credit is a great way to bring down the cost of solar, there are also state-wide incentive programs. The New York State Solar Energy System Equipment Credit is available to customers, whether they purchase or lease their system at their primary residence. Those eligible may claim an income tax credit equal to 25% of qualified solar energy equipment expenditures (or 25% of the total payments to be made under the lease agreement) limited to $5,000. 

For customers who lease their system, the State of New York and many local taxing districts exempt lease payments from sales tax. Within the five New York City boroughs the NYC Property Tax Abatement may also be available for Sunrun customers who purchase their systems. Eligible customers may claim a property tax abatement of 5% of their solar system costs per year for four years. 

Finally, the NY-Sun Rebate Program is a solar incentive that is given to the solar system installers (in this case Sunrun) which Sunrun then claims and passes along to all customers through built in pricing, regardless of the financial plan selected. Between the federal tax credit and state solar tax credits, residential solar incentives are abundant. Now's the time to go solar in New York!

In New York, the cost of solar can be as little as $0 down for qualifying homeowners. At Sunrun, we recognize that purchasing a residential solar system doesn’t align with everyone’s lifestyle and financial situations. That’s why we pioneered the Sunrun Solar Subscription, which allows solar to be installed at little to no upfront cost. Just like you don’t directly pay a utility company to install power lines, with the Sunrun Solar Subscription you pay a lower, fixed monthly rate for the energy the solar panels on your roof produce, replacing part of your utility bill for a period of 25 years.  

For New York residents choosing to purchase a home solar system, solar costs will depend on various factors, including the number of panels being installed, what additional equipment you select–such as a backup battery, and any applicable incentives (discussed above) you may be eligible for and can utilize. The best way to understand how much solar panels cost is to meet with one of our local New York energy consultants. A Sunrun representative will then assess your home and energy usage to provide you with a customized solar quote.