Ny State Commercial Solar Tax Credit

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.

Ny state commercial solar tax credit.

Below is an overview of the incentives available for installing a solar electric system on a commercial building in ny. You are eligible to receive a federal tax credit worth. 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.

The incentives provided vary throughout the state. In addition to incentive and financing options your business may qualify for federal and or new york state tax credits and rebates for getting solar. The great advantages of the solar equipment tax credit are twofold. The owner of a qualified solar installation can file for federal tax credits and accelerated depreciation on the cost of the installation.

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. It applies to you even if you went solar with a lease or. A similar tax credit is available at the state level for systems up to 25 kilowatts in capacity. The solar energy system equipment credit is not refundable.

10 in 2022 and beyond. Many of these incentives are tax related and vary from case to case federal. 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. 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 business owner interested in filing for a tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing. How much is the credit.