Ny State Commercial Solar Tax Credit

The great advantages of the solar equipment tax credit are twofold.

Ny state commercial 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. The solar energy system equipment credit is not refundable. Many of these incentives are tax related and vary from case to case federal. You are eligible to receive a federal tax credit worth.

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. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. A similar tax credit is available at the state level for systems up to 25 kilowatts in capacity. 10 in 2022 and beyond.

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. 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. You will need to work with a participating contractor to see if you are eligible for ny sun incentives. How much is the credit.

Below is an overview of the incentives available for installing a solar electric system on a commercial building in ny. 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 system must also be installed and used at your principal residence in new york state. First you don t have to purchase your system to claim the credit i e.

The owner of a qualified solar installation can file for federal tax credits and accelerated depreciation on the cost of the installation. The incentives provided vary throughout the state.