New York State Tax Credits Solar Power

Below are some examples of how your credit would be calculated if you have a solar ppa.

New york state tax credits solar power. 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. First you don t have to purchase your system to claim the credit i e. New york state tax credit.

The system must also be installed and used at your principal residence in new york state. The great advantages of the solar equipment tax credit are twofold. 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.

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. How much is the 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. 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. New york state solar tax credit with a solar ppa.