Ny State Solar Tax Credit 2020

New york state tax credit.

Ny state solar tax credit 2020.

It applies to you even if you went solar with a lease or. The system must also be installed and used at your principal residence in new york state. The new york solar tax credit can reduce your state tax payments by up to 5 000 or 25 off your total solar energy expenses whichever is lower. The second most important incentive for solar panel installations in new york is the state solar tax credit which allows you to potentially earn an extra 5 000 to put towards your taxes on top of the federal solar tax credit.

New york is a top 10 solar state 1 and for good reason. New york s residential solar tax credit is equal to 5 000 or 25 percent of the cost of your solar system whichever is less. The great advantages of the solar equipment tax credit are twofold. As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state.

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. For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. First you don t have to purchase your system to claim the credit i e. A similar tax credit is available at the state level for systems up to 25 kilowatts in capacity.

Learn how you can benefit from new york s solar incentives rebates tax credits today. New york solar panels updated august 19 2020 main topics. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The solar energy system equipment credit is not refundable.