State

NY Tax Credits and Incentives

• 25% tax credit capped at $5000 for solar electric systems (photovoltaic)
  • You can carry forward the tax credit for up to 5 days until you have used it.
  • 25% of what? It is 25% of the cost after any utility provided rebates. This is made clear in the statute.
  • This credit is subject to federal tax.For example, if you receive a state rebate in 2010 for a system placed into service in 2009, then in April 2011 you will owe federal income tax on the state rebate (thus reducing the value of the rebate).
  • The statute: NY law, article 22, part 1, section 606
  • Tax form (2007) go to NY Dept of Taxation for latest copy.
  • Sales tax exempt.
  • Most areas have property tax exemptions for solar and energy conservation improvements.
• Other incentives these are mostly outside of LIPA service region, NYSERDA excludes LIPA service region.

Other States’ Incentives

• www.dsireusa.org is the Database of State Incentives for Renewables and Efficiency. This is a very comprehensive list of incentives. Note that state tax credits are subject to federal tax.
• Check your local utility’s web site. Here is a site for the National Grid in the USA.