New York State Tax Credits Solar Power

For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes.

New york state tax credits solar power.

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 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. The solar energy system equipment credit is not refundable.

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. It applies to you even if you went solar with a lease or. 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.

The system must also be installed and used at your principal residence in new york state. 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. New york state solar tax credit with a solar ppa. A similar tax credit is available at the state level for systems up to 25 kilowatts in capacity.

Below are some examples of how your credit would be calculated if you have a solar ppa. 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.