Financing a Solar Thermal System

A residential building owner that installs Solar Thermal for hot water in NYC can receive incentives of up to 64% of the costs of installation costs. Based on 2010 estimates, a family of four in New York State can see savings that range between $150 to $550 per household a year.

For commercial building owners such as laundromats, hotels, and carwashes, the incentives can potentially cover even more than 64% of installation costs. 

Solar Thermal Incentives at a Glance

Incentives for Residential Solar Thermal Include:

• Federal Residential Renewable Energy Tax Credit (hot water systems only)
• New York State Solar and Fuel Cell Tax Credit  (all forms of solar thermal)
• NYSERDA Solar Thermal Incentive Program (water heating only to displace electrically heated hot water systems)

Incentives for Commercial Solar Thermal Include:

• Federal Business Energy Investment Tax Credit - available as a possible grant instead of a tax credit in 2011 only (all forms of solar thermal)
• Federal Accelerated Depreciation (all forms of solar thermal)
• NYSERDA Solar Thermal Incentive Program (water heating only to displace electrically heated hot water systems)

Sample Incentive Schedule – Residential
For cases where the system is for water heating that displaces electrically heated hot water systems:

 For all other cases:

 *NYSERDA Solar Incentives are available to water heating only to displace electrically heated hot water systems.

 To find a NYSERDA solar thermal installer please click here.