Homeowners in New York have the benefit of also claiming a State Tax Credit on their solar systems up to $5,000. Combined with the other incentives for going solar, a NY homeowner receives a very short return period on their investment. When you receive our solar proposal we will easily show how this works and how it helps save you more money even faster.
You are entitled to claim this credit if you:
- purchased solar energy system equipment,
- entered into a written agreement for the lease of solar energy system equipment, or
- entered into a written agreement that spans at least ten years for the purchase of power generated by solar energy system equipment not owned by you.
The solar energy system must use solar radiation to produce energy for heating, cooling, hot water, or electricity for residential use. The system must also be installed and used at your principal residence in New York State.
How much is the credit?
The credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000.
- The solar energy system equipment credit is not refundable. However, any credit amount in excess of the tax due can be carried over for up to five years.
Please be advised that we are not tax experts. You should always consult with a tax professional.
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