Ny State Commercial Solar Tax Credit

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

Ny state commercial solar tax credit.

First you don t have to purchase your system to claim the credit i e. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. How much is the credit. 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.

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. If you re a new york state business owner interested in filing for a tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing. Below is an overview of the incentives available for installing a solar electric system on a commercial building in ny. 10 in 2022 and beyond.

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. The system must also be installed and used at your principal residence in new york state. Many of these incentives are tax related and vary from case to case federal.

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. You are eligible to receive a federal tax credit worth. It applies to you even if you went solar with a lease or. You will need to work with a participating contractor to see if you are eligible for ny sun incentives.

A similar tax credit is available at the state level for systems up to 25 kilowatts in capacity. 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.