New York State Tax Credits Solar Power

New york state tax credit.

New york state tax credits solar power.

Below are some examples of how your credit would be calculated if you have a solar ppa. First you don t have to purchase your system to claim the credit i e. 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. 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. It applies to you even if you went solar with a lease or. How much is the credit. 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. For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. 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 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.

The solar energy system equipment credit is not refundable. 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.