New York Commercial Solar Incentives
In December 2018, Governor Cuomo announced his plan for New York to generate 100% of its energy from renewable resources by 2040. Now, in 2019, the policies and incentives set forth by this plan are having major implications for the commercial solar energy market in New York.
Already, thousands of New York business owners are taking advantage of these incentives and tax credits. What’s more, federal incentives can be stacked on top of this to provide maximum returns for business owners.
Below, we highlight the major commercial solar incentives of 2019 from both the state and federal government.
Please note that all the current programs are temporary—they will decline or get phased out in the coming months and years. Because of this, Ecogy Energy strongly encourages New York business owners to consider opportunities for solar development in near future in order to maximize this lucrative revenue stream.
The Federal Investment tax credit (FITC)
Through the FITC, commercial solar project can receive a tax credit worth 30% of the net cost of solar installation through 2019. The credit will decrease in the coming years, declining to 26% in 2020, 22% in 2021, and finally 10% in 2022.
NY-SUN Megawatt Block Grants
The NY-SUN Initiative Program provides grants to local state participants for installing solar.
The program creates fixed “blocks” which give grants to a pre-defined amount of solar energy. Once a block is filled, the grant-size is reduced. Currently, ConEdison is in Block 6, which grants 0.60 $/Watt installed. Unfortunately, this program moves quickly, and the amount of money a business can receive for installing solar will decline in the coming months.
NY-SUN Carport adder
The NY-SUN program also provides a 0.30 $/Watt incentive for businesses in ConEdison which install solar carport canopies on their parking spaces. This incentive also comes in the form of “blocks,” and is currently in Block 6. It is predicted to decline to 0.20 $/Watt in the near future, so taking advantage of this opportunity will require timely action.
Through this grant, businesses can earn further revenue while also providing their customers and employees with shaded parking, LED lighting, and electric vehicle charing stations.
NYSERDA Storage BLOCK
The New York State Energy Research and Development Authority (NYSERDA) is offering a $300/kWh grant for battery storage installation in New York City, and $200/kWh for the rest of the state.
These grants also work through a “block” system, and are currently declining. Adding storage to a project can add incredible advantages such as grid resiliency and further revenue streams, however, business owners will need to act soon to make the most of this opportunity.
For more information about how to take advantage of these declining commercial solar incentives, please contact us at email@example.com to see how you can grow new revenue streams for your business using solar. If you would like to request a quote for your roof space, please click the link here. If your business is interested in covered parking, please click the link here.