Ny State Commercial Solar Tax Credit

Below is an overview of the incentives available for installing a solar electric system on a commercial building in ny.

Ny state commercial solar tax credit.

First you don t have to purchase your system to claim the credit i e. The system must also be installed and used at your principal residence in new york state. 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. 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.

The incentives provided vary throughout the state. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. 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. If you re a new york state business owner interested in filing for a tax credit you will need to complete the appropriate forms to submit along with your normal yearly tax filing.

The great advantages of the solar equipment tax credit are twofold. For instance if your system costs 15 000 you d be able to take a 3 750 tax credit on your state taxes. In addition to incentive and financing options your business may qualify for federal and or new york state tax credits and rebates for getting solar. 10 in 2022 and beyond.

The owner of a qualified solar installation can file for federal tax credits and accelerated depreciation on the cost of the installation. The solar energy system equipment credit is not refundable. Many of these incentives are tax related and vary from case to case federal. You are eligible to receive a federal tax credit worth.

How much is the credit. It applies to you even if you went solar with a lease or.