Vivint Solar powers New York

Installing solar panels not only helps the environment but can potentially help your wallet as well. Here are a few major benefits you might receive when you go solar in New York.

You may be eligible for a tax credit

Did you know that New York State provides an income tax credit, valued up to $5,000, to residents that produce and consume solar energy at their homes? This means that if you go solar, you may qualify to claim this income tax credit on your future state income tax return.

Who is eligible?

Although calculating this income tax credit depends on your personal situation (the information here is no substitute for consulting with your personal tax advisor), here are some general guidelines:

You must have solar energy equipment installed on a principal residence in the state of New York to be eligible. Your solar equipment must be interconnected with your utility and you must enter into a net metering agreement with your utility. Unlike other solar tax incentives, you do not need to own your solar energy system to be eligible for this income tax credit—if you’re a New York resident and you choose to lease your solar energy equipment or enter into a power purchase agreement with a third party (such as Vivint Solar) with terms of at least 10 years, you may also be eligible.

How does it work?

This income tax credit reduces the amount of New York State income taxes you owe for the year in which it is claimed. The amount of the credit is equal to 25% of the qualified expenditures you incurred during the year, with a max credit of $5,000 to be claimed over the life of the system. Qualified expenditures can be incurred for up to 15 years (or until the $5,000 limit has been reached). If your credit is greater than the amount of tax you owe, the balance will not be refunded to you; however, the excess credit amount can be carried over to your next year’s tax return for a maximum of up to five years.

How do I claim the credit?

When your solar energy system is installed and has been activated, you’ll need to complete Form IT-255 and attach it to your New York State Resident Income Tax Return, Form IT-201 (or possibly Form IT-203). Form IT-255 and its associated instructions are included here for your reference.

What if I already have solar and I recently filed my tax return?

You may be eligible to file an amended income tax return to claim the credit for prior years in which you were eligible but did not apply.

Current versions of the forms can be found here: Form: https://www.tax.ny.gov/pdf/current_forms/it/it255_fill_in.pdf Instructions: https://www.tax.ny.gov/pdf/current_forms/it/it255i.pdf

For more information, please call: 833-332-1675 or visit https://www.tax.ny.gov/pit/credits/solar_energy_system_equipment_credit.htm

You may be participate in net metering

New York preserves net metering for residential or small commercial customers. Net metering is a billing agreement between a solar customer and the utility where you can send any excess energy produced by your solar panels back to the electrical grid. You utility company will then credit you for that excess energy, so it’s a win-win situation.

Using the sun's energy to power your home will also cut down on your home's environmental footprint. As long as the sun is in the sky, solar energy will be the sustainable source of energy that the world can rely on.

The Empire State is a solar state, so make the switch to solar power in New York, it’s as easy as finding a street vendor in Manhattan.

To make the first step toward solar energy: all you have to do is call or submit a request online to get a free quote. Solar specialists can come and evaluate your home to ensure that solar energy gets you the most bang for your buck. We’re here to give you the run-down on why solar panels should be a part of your energy conversation.

We offer free quotes, financing plans, warranties, and included installation if you pick Vivint to be your solar company. Not only that, but Vivint Solar will be with you every step of the way when it comes to acquiring permits and paperwork so that nothing gets missed.

Commitment to Quality

We are proud to lead the industry in the strictest installation process possible, making sure our customers are set up for solar system success for years to come. In fact, we take the quality of the installation so seriously that the industry asked us to -- literally -- write the standards on what a great solar install should look like.

A Vivint Solar installation requires a robust Inspection which means our customers receive the highest quality install and peace of mind. The New York State Energy Research and Development Authority (NYSERDA) has developed a designation that recognizes solar installers who consistently meet high standards of quality. Our local crews in New York achieved the 2019 NYSERDA Quality Solar Installer designation.