Ny State Solar Tax Credit

The solar energy system equipment credit is not refundable.

Ny state solar tax credit.

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. New york state offers several new york city income tax credits that can reduce the amount of new york city income tax you owe. These two incentives can be combined to reduce the cost of going solar by more than half. How much is the credit.

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

New york state tax credit. Are you a full or part year new york city resident. It applies to you even if you went solar with a lease or. The great advantages of the solar equipment tax credit are twofold.

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. Solar energy system equipment credit. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The system must also be installed and used at your principal residence in new york state.

As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state.