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25% NY Solar Tax Credit Extended to Solar Lease + PPA Customers

August 22, 2012 by Amy Bowman in Solar Stories with 1 Comment

The sun is shining a little brighter these days for New York homeowners interested in going solar. On Friday, August 17th, Gov. Andrew Cuomo signed a set of bills making them eligible for new tax credits.

Previously, only homeowners who purchased a solar power system were eligible for the state rebate (currently $1.50/Watt capped at 7,000 Watts or $10,500), the state tax credit of 25% and the 30% federal tax credit. Effective immediately, this new legislation allows homeowners who are leasing a system (or going solar through a power purchase agreement) to use the 25% NY solar tax credit as well.

The 25% NY solar tax credit now benefits solar lease and PPA customersThe credit is a New York state tax credit given at 25% of what a customer spends on a lease or purchase (after rebate purchase cost) for the next 14 years, capped at $5,000. For example, a customer who spends $20,000 on a prepaid lease can assume they will receive a 25% state tax credit of $5,000. The credit is declared on the state tax return and is best done in consultation with a tax advisor.

It should be noted it is also on top of the electric bill savings solar-powered homeowners recognize every month.

The NY solar tax credit should reduce the cost of most residential solar leases by 25% and increase a homeowner’s return on investment by the same – making clean, green solar power an even easier decision for New Yorkers.

According to Andreas Schmid, New York Sales Manager for Real Goods Solar, by expanding the state tax credit, Governor Cuomo is putting New York on track to significantly boost the Empire State’s solar capacity. “We have been consistently delivering solar to State homeowners for more than a decade, but I can honestly say that now is the most exciting time for New York solar. We will soon be giving California and New Jersey a run for their money when it comes to leading the solar pack.”

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One Comment

  1. Weekly News: January 14th, 2013 - Vanguard EnergyJanuary 14, 2013 at 4:33 pmReply

    [...] “The sun is shining a little brighter these days…” [...]

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  • Leasing cost speculation - Smart Car of America Forums : Smart Car Forum: [...] While we're on the subject ... Contest where you can win a smart electric drive (3 year lease) plus a solar recharging station which is pretty cool ... only negative I see is that it's limited to who all can enter ... as I don't personally live in any of those states I'm out. Have often thought of adding solar panels to offset my electricity cost but being in the Midwest as well as house facing the wrong way and the looong payback I'll stick to my soon to be new 4.96 cents/kWh fixed rate which isn't 'free' but not bad ... "The sweepstakes is open to residents of CA, CO, CT, MA, NJ, and VT age 21+, and runs through September 30, 2013 at 6:00pm PDT." Real Goods Solar Smart Electric Sweepstakes | Real Goods [...]
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  • Harry Simmelink: I agree, but people need to understand that adding Solar to their home is an asset that will increase the actual value of their property if / when they choose to sell. With the environment the way it is going we are unable to ignore any product that offers free energy at no cost to both the buyer and more significantly the earth!
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  • Carina Whitham: I loved how Sera explained the benefits of solar! I am going to show this to my five year old who I am also teaching about the value of renewable energy. Great video!
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