20% Historical Homeownership Rehabilitation Tax Credit (in eligible districts)
BREAKING IT DOWN
30% FEDERAL TAX CREDIT
The US federal government offers a 30% federal tax write-off for those who install solar panels. What that means is when tax season comes around, you can write off 30% of the price of the solar panels from your overall amount of taxable income.
25% STATE TAX CREDIT
Similarly to the Federal Tax Credit, New York State offers a 25% tax write-off for those installing solar panels. Note: the state tax credit will only cover up to $5,000. So if 25% of the cost of your solar panels is over $5,000, this tax credit will cover $5,000 of that cost. For some systems, 25% of the overall cost is less than $5,000.
20% PROPERTY TAX ABATEMENT
If a building owner installed a grid-connected solar energy system between January 1, 2014, and January 1, 2024, they may get a four-year tax abatement of 5% per year. This totals up to 20% by the end of this period. Note: this is capped at $62,500 per year or $250,000 total. The tax abatement is applied after the NY-Sun Incentive.
In eligible districts, owners of historical homes can reduce the cost of their solar setups by 20%, up to $50,000. The credit is for any improvement on an owner-occupied home in historic districts listed in the National Register of Historic Places and income-qualified census tracts.
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