Nys Solar Tax Credit 2017

To claim the credit you must file irs form 5695 as part of your tax return.

Nys solar tax credit 2017.

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. However any credit amount in excess of the tax due can be carried over for up to five years. As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state. Jerry wang june 20 2017 at 9 37 pm.

Filing requirements for solar credits. First you don t have to purchase your system to claim the credit i e. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. 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.

You calculate the credit on the form and then enter the result on your 1040. If you end up with a bigger credit than you have income tax due a 3 000 credit on a 2 500 tax bill for instance you can t use the credit to get money back from the irs. New york state is making solar energy more accessible to homes businesses and communities through ny sun. 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.

If you install solar panels before the end of 2020 you will receive a tax credit that is equal to 26 percent of the cost of your solar installation. Ny sun has multiple resources to help new yorkers harness the power of the sun including. Our goal is to help make it possible for new yorkers to choose clean energy while lowering their energy costs. Learn how you can benefit from new york s solar incentives rebates tax credits today.

New york state offers several new york city income tax credits that can reduce the amount of new york city income tax you owe. Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up. You may claim these credits on your 2017 tax return if you otherwise meet the criteria. Are you a full or part year new york city resident.

Qualified solar electric property solar water heating property small wind energy property geothermal heat pump property. New york state solar tax credit with a solar ppa. If you have already filed your return you will need to file an amended return form 1040x to claim. If you go solar in new york state with a solar ppa you are eligible to claim 25 of your annual solar expenditure for your credit up to a cap of 5 000 or 15 years have passed.

It applies to you even if you went solar with a lease or. The solar energy system equipment credit is not refundable. The great advantages of the solar equipment tax credit are twofold.