Own a Building or Serve on a Co-op Board? Solar May Reduce Operating Costs

Solar installations in New York City are now often a financial decision, not just an environmental one. Incentives and tax abatements can significantly reduce installation costs while lowering long-term electricity expenses.  For large buildings subject to Local Law 97 emissions requirements, solar can be a useful way to reduce emissions. 

Step 1: Start with an assessment of your home or building.

For a home or small building, invite several qualified installers (see Step 2) to evaluate your property and give you an assessment of costs and benefits. Low and middle income small building owners in Brooklyn can get advice from Solar One’s Barrio Solar program.

Larger buildings can get free technical guidance from the NYC Accelerator, including feasibility, savings estimates, and connections to qualified installers.   Solar One also offers advice for multistory buildings. 

Step 2: Finding qualified installers

Use vetted contractor directories rather than marketing companies. 

Solar One has recommendations for local contractors   

The New York State Energy Research and Development Authority offers general guidelines for choosing a contractor. 

Step 3: Costs, savings, and payback

Typical NYC solar systems last 25–30 years. Most systems pay for themselves within several years due to incentives and energy savings, after which electricity costs are significantly reduced.

Resource: NYSERDA paying for solar 

Step 4: Financial incentives available in NYC

Solar costs are reduced through multiple stacked incentives. 

1. New York State Solar Tax Credit reduces state income taxes (up to $5,000).
2. NY-Sun incentive provides immediate reduction in installation cost.
3. NYC Property Tax Abatement reduces property taxes after installation

Resources:

• NY tax credit page 
• NYC Department of Finance abatement page.