One of the additional incentives for Solar Energy systems installed in New York City is the Property Tax Abatement. For systems installed before December 31, 2019, the property owner can deduct 5% of the system expenditures per year for 4 years on their property taxes. For an average homeowner, that can mean another $4,500 or more back into their pockets, further reducing the actual cost of going solar.
The Solar Electric Generating System (SEGS) Tax Abatement provides a property tax abatement to properties that use solar power. Solar power is a reliable, renewable source of electricity. Solar panels generate electricity, recover thermal energy for reuse and act as a roof covering. Using Solar power reduces demand on New York City’s electrical grid.
Fear not on the required paperwork required to lock in this incentive. The EcoMen Solar team will ensure all the necessary forms are signed and filed for you to receive this valuable benefit. After the system is installed and operational you will see the abatement on your NYC Property Tax Bill. An actual bill with a Year 1 reduction of $1,105 can be viewed here [Actual NYC Property Tax Bill – 2015].
Please be advised that we are not tax experts. You should always consult with a tax professional.
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