Three bills enacted this year provide incentives to New York businesses and residents to install solar electric facilities. Homeowners who lease solar energy equipment or purchase solar power are offered a state tax credit of up to $5,000, effective when the bill was signed by Governor Cuomo on August 17 (A. 34). Commercial property owners are provided a new sales tax exemption for the purchase and installation of solar energy systems, effective January 1, 2013 (S. 3203). Real property tax abatement for solar equipment installed at residential, commercial and industrial properties was extended through 2014 (A. 10620).
For more information, contact Steve O’Day.