Ny State Solar Tax Credit 2020

New york state tax credit.

Ny state solar tax credit 2020.

The system must also be installed and used at your principal residence in new york state. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. In addition to our incentive programs and financing options you may qualify for federal and or new york state tax credits for installing solar at home. The great advantages of the solar equipment tax credit are twofold.

Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up. First you don t have to purchase your system to claim the credit i e. New york is a top 10 solar state 1 and for good reason. As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state.

If you re a new york state resident interested in filing for a renewable energy tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing. New york solar panels updated august 19 2020 main topics. 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. A similar tax credit is available at the state level for systems up to 25 kilowatts in capacity.

It applies to you even if you went solar with a lease or. For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. The solar energy system equipment credit is not refundable. How much is the credit.