NYS Tax Department and NYSERDA Highlight Valuable Tax Credits for Environmentally-Conscious Homeowners during Climate Week
For Release: Immediate,
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The New York State Department of Taxation and Finance, along with the New York State Energy Research and Development Authority (NYSERDA) today highlighted the multiple tax credits available for “going green” by conserving energy and reducing carbon emissions during Climate Week NYC, which runs September 19-25.
New York State has innovative methods to transform the way energy is generated and delivered. Governor Cuomo’s Reforming the Energy Vision (REV) strategy is building an energy system for all New Yorkers that’s strong and affordable. A key component to meet climate goals and reduce emissions 40 percent by 2030 is the Clean Energy Standard, which requires 50 percent of all electricity used in the State to come from renewable energy resources, such as solar and wind, by 2030.
“These tax breaks continue to build on the momentum of Governor Cuomo’s multi-faceted environmental initiatives,” said Nonie Manion, Acting Commissioner of Taxation and Finance. “With more New Yorkers taking advantage of these valuable incentives, they’re helping to preserve the environment for future generations.”
“State tax credits are effective and critical components of Governor Cuomo’s nation-leading REV to create an energy system that’s resilient and affordable for all New Yorkers,” said John B. Rhodes, President and CEO, New York State Energy Research and Development Authority (NYSERDA). “Tax credits provide homeowners with opportunities to choose solar or wind energy by making them more affordable.”
Solar energy system equipment credit
New Yorkers are eligible to claim the solar energy system equipment credit if they’ve purchased solar energy equipment, leased the equipment, or have agreed to purchase energy produced by a solar energy system for at least ten years.
The credit is equal to 25 percent of the expenses related to the qualified solar energy system and is limited to $5,000.
Alternative fuels and electric vehicle recharging property credit
Property owners or their business can claim a credit worth up to $5,000 for investments in new alternative fuels vehicle refueling property or electric vehicle recharging property.
For Tax Year 2014, nearly 26,000 environmentally-conscious New Yorkers claimed $23 million in credits for these programs.
One of Governor Cuomo’s environmental initiatives, NY-Sun, is working to move the state closer to a sustainable, self-sufficient solar industry. The growth of solar energy installations in New York State has increased 575% between 2012 and 2015 and strong demand continues. New York State now ranks fourth in the number of people employed in the solar industry and fifth in total annual solar installations, up from ninth in 2013.