Lawmakers in Albany have passed a bill that would extend tax breaks for New York City properties that install solar panels. If the legislation is signed into law by Governor Andrew Cuomo, the incentive program would run through January 1, 2017. Since the NYC Solar Electric Generating System Property Tax Abatement Program began on August 17, 2008, a total of 1,260 solar energy systems have been installed in NYC as many businesses and residential properties take advantage of the savings.
Image via David Reeves
“Encouraging New York City residents to invest in clean, safe and renewable energy is critical if we are serious about reducing global warming emissions,” said Assembly member Linda Rosenthal, a Democrat representing Manhattan.
The tax abatement program is for either five percent of eligible expenditures on the cost of solar panels or $62,500 per year for the first four years – whichever is less. Eligible properties include most residential homes, co-ops and condos, rental buildings and commercial and industrial properties.
In addition to the NYC solar tax breaks, the federal solar Investment Tax Credit (ITC) is a 30 percent tax credit for solar power systems on residential and commercial properties. Unlike Albany, however, there are questions as to whether the current Congress, of which the Republican House majority is hostile to government support of clean energy, will extend past its December 31, 2016 expiration.
Via Associated Press
Lead image via Portal NE10