New York State Solar Panel Tax Credit

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000.

New york state solar panel tax credit.

25 new york state tax credit. For you to claim the new york state personal tax credit the system must be installed at your personal residence. It applies to you even if you went solar with a lease or ppa. Community solar is not eligible for the new york state personal tax credit.

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. New york state solar equipment tax 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. You are able to install solar panels reduce the cost of your bills and receive a few extra incentives that can help with tax credits as well.

7 if you don t pay enough in taxes to claim the credit in a year the excess credit will carry over to the following year. Please consult your tax adviser regarding income tax credit eligibility. Download new york state forms and instructions. Federal solar tax credit incentives the federal incentives provided to new york homeowners are very beneficial.

For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. The great advantages of the solar equipment tax credit are twofold. First you don t have to purchase your system to claim the credit i e. New york state solar tax credit in addition to ny sun new york residents are eligible for a credit worth 25 of their system cost or up to 5 000 whichever is less.

However any credit amount in excess of the tax due can be carried over for up to five years.