Ny State Solar Tax Credit

New york is a top 10 solar state 1 and for good reason. New york city credits. First you don t have to purchase your system to claim the credit i e.

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New york state offers several new york city income tax credits that can reduce the amount of new york city income tax you owe.

Ny state solar tax credit.

It applies to you even if you went solar with a lease or. New york state tax credit. The solar energy system equipment credit is not refundable. Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up.

These two incentives can be combined to reduce the cost of going solar by more than half. 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. How much is the credit. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000.

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. 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. 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.

Are you a full or part year new york city resident. The system must also be installed and used at your principal residence in new york state. 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. Solar energy system equipment credit.

Learn how you can benefit from new york s solar incentives rebates tax credits today.