Solar Tax Exemption & Incentives in New York
New York residents and businesses can lower investment costs and increase ROI by taking advantage of local solar incentives. In addition to the federal solar investment tax credit (ITC) and accelerated depreciation, there are a few other ways in which New York business, farm, and property owners can save big on solar energy.
Property Tax Exemption
Despite increasing your property value, solar panels and renewable energy systems may be exempt from property taxes in many parts of the state. Here is the current list of New York municipalities that have opted out of the real property tax exemption on private power systems.
If your municipality has not opted out, then it is very likely that you will be able to exempt your solar investment from your property tax.
New York City Property Tax Abatement (PTA)
If you are planning to add solar to your building in New York City, grid-tied systems installed before Jan 1, 2024, may be eligible for the New York City Property Tax Abatement (PTA). The tax abatement is applied to 20% of the installed system price, eligible for 5% spread over 4 years. More information about the PTA can be found in resources provided by the New York Department of Buildings.
Small businesses, non-profits, and C&I organizations may qualify for the NY-Sun Incentive when working with a qualified contractor. Participation is limited, with incentives split between the Con Edison, PSEG Long Island, and the Balance of the State regions.
Sales Tax Exemption
Since 2018, sales tax exemptions have been enacted for commercial solar installations in the state of New York. For businesses, this exemption is applicable both for purchased systems and power purchase agreements (PPAs).
Based in Boston, Pope Energy knows what it takes to finance, develop, and maintain commercial solar energy systems throughout New England. By working with our experts, New York property owners and managers can feel safe knowing that they will receive every incentive available to maximize the value of their solar power solution.
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