Ny State Solar Tax Credit Form

As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state.

Ny state solar tax credit form.

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. How much is the credit. The system must also be installed and used at your principal residence in new york state. New york is a top 10 solar state 1 and for good reason.

Form rp 487 from new york state department of taxation and finance. Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up. You must each file form it 255 showing the computation of the total credit and submit the statement described. Schedule a computation of solar energy system equipment credit a date equipment placed in service mmddyyyy b qualified expenditures see instructions c.

First you don t have to purchase your system to claim the credit i e. The great advantages of the solar equipment tax credit are twofold. Some municipalities and school districts have opted out and will include the value of the solar installation in your property tax assessment without the exemption. It applies to you even if you went solar with a lease or.

The solar energy system equipment credit is not refundable. Learn how you can benefit from new york s solar incentives rebates tax credits today. The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. You each pay one half of the cost of the solar energy system equipment.