Nyc Solar Panel Tax Abatement

In new york city s solar tax abatement program you can currently take 5 of your solar panel system installation expenses and deduct that amount of money from your property taxes for 4 years.

Nyc solar panel tax abatement.

The abatement is spread equally over four years and may not exceed your property tax liability for any given year. The program which is run by the nyc department of buildings allows homeowners to recoup 5 of eligible solar system expenditures through reduced property taxes for the next four years. After a successful decade new york city s property tax abatement for photovoltaic pv equipment expenditures program is drawing to a close on january 1 2019. Solar panels generate electricity recover thermal energy for reuse and act as a roof covering.

New york state government passed legislation allowing for a property tax abatement on solar pv equipment expenditures. In addition to our incentive programs and financing options you may qualify for federal and or new york state tax credits for installing solar at home. Enacted in 2008 the legislation dictates that buildings with rooftop solar pv in cities of 1 million or more people are eligible for tax abatements. Solar electric generating system segs tax abatement.

Solar power is a reliable renewable source of electricity. Solar panel tax abatement new york city offers property tax abatements to property owners that install solar electric generating systems photovoltaic solar panels on their buildings. The solar electric generating system segs tax abatement encourages nyc homeowners to install solar systems by offering a four year tax abatement of 5 per year of the installed system s cost for a total of up to 20. A tax abatement is an incentive that allows building owners to deduct some or all of the cost of installing solar from their property taxes.

If you re a new york state resident interested in filing for a renewable energy tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing.