Nys Solar Tax Credit 2017

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

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. Are you a full or part year new york city resident. Our goal is to help make it possible for new yorkers to choose clean energy while lowering their energy costs. It applies to you even if you went solar with a lease or.

Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up. The solar energy system equipment credit is not refundable. Filing requirements for solar credits. The federal solar tax credit also known as the solar investment tax credit or itc is the single most important solar incentive available in the united states.

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. 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 great advantages of the solar equipment tax credit are twofold. 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 offers several new york city income tax credits that can reduce the amount of new york city income tax you owe. New york state is making solar energy more accessible to homes businesses and communities through ny sun. Qualified solar electric property solar water heating property small wind energy property geothermal heat pump property. Ny sun has multiple resources to help new yorkers harness the power of the sun including.

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. First you don t have to purchase your system to claim the credit i e. Jerry wang june 20 2017 at 9 37 pm. You calculate the credit on the form and then enter the result on your 1040.

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. However any credit amount in excess of the tax due can be carried over for up to five years. New york city credits. 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.

You may claim these credits on your 2017 tax return if you otherwise meet the criteria. Learn how you can benefit from new york s solar incentives rebates tax credits today. New york is a top 10 solar state 1 and for good reason.