We make it affordable to go solar. QwikSolar partners with local banks to offer low interest loans to our customers. That means no out of pocket costs for you. But our affordable promise doesn’t stop there. We file grant applications on the customer’s behalf. As of 2018, QwikSolar has secured over $3.7 million of grant incentives for our customers.
If that is not incentive enough, take a look at your utility bill. The cost of electricity through a utility company rises each year. A solar array systems’ life expectancy is 25+ years. Your return on investment is typically 7-10 years and free power thereafter for 15+ years.
If that is not incentive enough, take a look at your utility bill. The cost of electricity through a utility company rises each year. A solar array systems’ life expectancy is 25+ years. Your return on investment is typically 7-10 years and free power thereafter for 15+ years.
State and Federal Incentives
We make it easy to know the available incentives to help you go solar.
Solar Incentives
Federal and state tax credits are based on retail price after NYSERDA.
Solar Incentives
- NYSERDA Solar Grant- Based on the system size at $0.35/Watt. QwikSolar files the grant application form on customer's behalf.
- State Tax Credit- 26% State Tax Credit. Capped at $5,000. Can be carried over 5 years.
- Federal Tax Credit- 30% Federal Tax Credit. Line Item Tax Credit with no limit.
Federal and state tax credits are based on retail price after NYSERDA.
What is the NYSERDA Solar Incentive?
NYSERDA (The New York State Energy Research and Developmental Authority) Solar Grant: This incentive is paid directly to the installer after the completion of the project. The incentive is currently $0.35/Watt DC for homeowners. This means an average residential system of 10,000 watts will receive $3,500 in state funds. QwikSolar files the grant application form on the customer's behalf.
What is a Tax Credit?
A tax credit is a dollar for dollar reduction of the income tax you owe.
Tax credits reduce the amount of income tax you owe to the federal and state government. The installation of a qualifying solar project generates tax credits to be used by the home owner or business owner.
Tax credits reduce the amount of income tax you owe to the federal and state government. The installation of a qualifying solar project generates tax credits to be used by the home owner or business owner.
New York State Tax Credit
The 25% New York State Residential Tax Credit is available to claim if you:
For additional information on claiming this credit, see Form IT-255, Claim for Solar Energy System Equipment, and its instructions, IT-255-I.
How Much is the Credit?
The credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000.
• Any credit amount in excess of the tax due can be carried over for up to five years. The solar energy system equipment credit is not refundable.
- purchased solar energy system equipment, or
- entered into a written agreement for the lease of solar energy system equipment, or
- entered into a written agreement that spans at least ten years for the purchase of power generated by solar energy system equipment not owned by you.
For additional information on claiming this credit, see Form IT-255, Claim for Solar Energy System Equipment, and its instructions, IT-255-I.
How Much is the Credit?
The credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000.
• Any credit amount in excess of the tax due can be carried over for up to five years. The solar energy system equipment credit is not refundable.
Federal Tax Credit
The Federal Tax Credit is available for home owners. United States that is owned and used as a residence by the taxpayer. Expenditures a taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the with respect to the equipment are treated as made when the installation is completed. If the installation is at a new home, the "placed in service" date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The maximum allowable credit, equipment requirements and other details vary by technology, as outlined here:
For additional information on claiming this credit, see Residential Form 5695 , and its instructions for form 5695.
- 30% for systems placed in service by 12/31/2019
- 26% for systems placed in service after 12/31/2019 and before 01/01/2021
- 22% for systems placed in service after 12/31/2020 and before 01/01/2022
- There is no maximum credit for systems placed in service after 2008.
- Systems must be placed in service on or after January 1, 2006, and on or before January 1, 2022.
- The home served by the system does not have to be the taxpayer’s principal residence.
For additional information on claiming this credit, see Residential Form 5695 , and its instructions for form 5695.
