Provides a property tax abatement to properties that use solar power. Solar power is a reliable, renewable source of electricity. Solar panels generate electricity, recover thermal energy for reuse and act as a roof covering. Using Solar power reduces demand on New York City's electrical grid.
Eligibility:
NYC Department of Buildings (DOB) determines eligibility and approves the application while the Department of Finance administers the benefit.
- Class 1, 2 and 4 properties
- If you receive ICAP, 421-a, 421-b, 421-g or pay PILOTs, your property is NOT eligible for the Solar Electric Generating System Tax Abatement
Benefit:
The amount of the benefit depends on the date your solar service starts. Use the chart below to locate the percentage of the installation cost based on the service start date.
Your benefit will be either an amount equal to the percentage of your installation cost, an amount equal to your Annual Property Taxes, or $62,500; whichever is lowest.
| Service Start Date | % of the Installation Cost |
| 8/5/08 through 1/1/11 | 8.75% |
| 1/1/11 through 1/1/13 | 5% |
| 1/1/13 through 1/1/14 | 2.5% |
| 1/1/14 through 1/1/19 | 5% |
Duration:
The abatement will be applied to your property for a four-year period starting on July 1 following the Department of Buildings approval.
READ MORE ABOUT HOW TO GO SOLAR
By Daniel | Uncategorized
Tax Credit