Do Solar Roofs Save You Money? – The Penny Hoarder reports that installing solar on your home could reduce your electric bills by as much as 90% and for 2020 there is a 26% tax credit that could result in $5,000 savings depending on the size of your system. So in short, Yes! A Solar roofing system could actually save you money!
With state and federal tax credits, lower installation costs, and rebate offers on the state and county level – 2020 looks like a good year to explore going solar. Solar power is good for the planet and good for your wallet. Of course, actual electricity savings will depend on your energy usage, location, utility company, and other variables but the math is not impossible.
According to https://www.solar-estimate.org/ New York currently offers a state-based tax credit for new solar generation systems that equal to 25% of the costs of a qualified solar system, up to $5,000.
If the amount you receive as a credit exceeds your taxes for the year, the unused portion of your credit can be carried forward for up to 5 years.
For example, if your state income tax is $3,000 and your tax credit is equal to $4,000, you will have $1,000 in credit that will be applied to the next year’s income tax.
- New York has an array of solar incentives available to home and business owners looking to go solar.
- New York is striving to reach aggressive renewable energy goals through their Clean Energy Standard.
- The goal is to derive 50% of the energy consumed by the state from renewable resources and to reduce greenhouse gas emissions by 40% by 2030.
- It is likely that the state will continue to fund solar incentives and financing programs in order to meet these objectives.
Considering solar power for your Westchester Home?
B&W Roofing Group is proud to offer the next generation of solar roofing to Westchester County. Decotech® solar roofing systems are no longer rack-mounted panels attached to your roof. Instead, the system is integrated into your roof at the same time a new roof is installed. This leads to a seamless installation that qualifies for 2020 tax benefits and will pay for itself over time.
Feel free to contact us for a free no-obligation roof inspection or to discuss your solar options.