Nys Solar Tax Credit 2018

Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up.

Nys solar tax credit 2018.

The solar energy system equipment credit is not refundable. 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. New york is a top 10 solar state 1 and for good reason. As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state.

First you don t have to purchase your system to claim the credit i e. New york city credits. 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. 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.

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. The great advantages of the solar equipment tax credit are twofold. However any credit amount in excess of the tax due can be carried over for up to five years. It applies to you even if you went solar with a lease or.