New York is serious about going green and Governor Cuomo just signed into law a bill to extend—and double—the possible tax breaks given to those who install solar panels on their properties. A press release notes that the break will offer a rebate of 5 percent on either the solar panel installation cost; property taxes the year panels are installed; or $62,500—whichever is less. The new bill is meant to offset the 25 percent higher cost of installing solar systems in the city due to stringent regulations and the complexity of building sites.
“Providing financial incentives to New Yorkers to install solar on their homes and businesses that will allow them to transition from dirty energy sources to renewable ones, will hasten our transition to a new green economy that is powered by wind, water and solar,” said Assembly member Linda Rosenthal in a press release.
Since the NYC Solar Electric Generating System Property Tax Abatement Program began in 2008, more than 1,260 solar energy systems have been installed in both commercial and residential properties.
All residential homes, co-ops, condos, rental, and industrial and commercial buildings are eligible. More information on how to apply can be found at PlaNYC.