Thanks to the recent Climate Bill and other federal and state incentives, adding solar to a development project is a no-brainer, especially when the project includes affordable housing.
Direct pay available for tax-exempt organizations as well as state, local, or tribal government
Fully transferable tax credit
Solar plus battery storage and standalone battery storage projects are eligible
10% tax credit for projects located in a low-income community
20% tax credit for projects located in a qualifying low-income residential building project or a low-income economic benefit project
10% tax credit for meeting domestic production requirements
10% tax credit if the qualified facility is located in an “energy community,” defined as a brownfield site or an area that has significant employment related to the extraction, processing, transport, or storage of coal, oil, or natural gas
This newly-increased incentive means you can save thousands more on a solar project at your business or institution. This credit is now transferrable to a taxable entity and can be applied to storage projects as well.
Bonus, or accelerated depreciation, allows companies to capture 100% of the depreciation benefit in year one. Available for through tax year 2024.
NYSERDA provides additional solar savings to qualifying multi-family buildings. These incentives bring projects $1/watt savings — almost 3 times the amount of the typical NY-Sun Program commercial grant amount ($.35/watt).
The 270 on East Apartments project in Rochester, NY consists of a 73kW roof-mount solar array installed by GreenSpark in 2022. The project is owned by Dyno Group, a Licensed Contractor and NYS-Certified MBE located in Buffalo, NY.
2.2 MW solar array is located in Ontario, NY. GreenSpark designed, developed, and installed the array, which will generate electricity for Home Leasing Affordable Housing Communities throughout the Greater Rochester area.
Mark IV Enterprises, one of the largest locally-based real estate developers and property management firms in the Greater Rochester area, hired GreenSpark for their 132.7
GreenSpark Solar is partnering with PUSH Buffalo to bring clean solar energy to their new affordable housing project.
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