Solar Panel Incentives in 2022 on Staten Island

So many homeowners on Staten Island are turning to energy-efficient investments. There are many advantages to installing solar paneling in your home – it can lower energy bills and provide a return on investment when selling your home. We specialize in installing solar panels on Staten Island. Our trained professionals can install solar panels on almost all roofs quickly and efficiently.

The most significant advantage of solar panels is that they can greatly decrease energy costs. However, the advantages do not stop there. There are excellent tax incentives for New Yorkers who install solar panels in their home. Federal, state, and city tax benefits are available for homeowners who install solar panels. Let’s go over each incentive.

1. NYC Property Tax Abatement – City residents are entitled to a four-year tax abatement of twenty percent of their solar panel costs up to $62,500.
2. NY State Tax Credit – All NY homeowners will receive a one-time credit up to $5,000 the year their solar panels are installed. When filing your income tax return, fill out the form IT-255 to get the credit.
3. Federal Investment Tax Credit – The 26% solar tax credit has been extended for two years but will drop to 22% next year (2023). The decrease is more of an incentive to get solar panels installed today. Form 5695 calculates your residential energy credit. Submit this form alongside form 1040 when filing your taxes.

If you want to save on taxes, lower your energy bills, and create a greener home, reach out to us for solar panels on Staten Island.

Related Reading about Solar Panels Staten Island

• Frequently Asked Questions about Solar Energy
• What is PV and CSP Solar Technology
• Do Solar Panels Work on Cold and Snowy Winter Days on Staten Island