After a successful decade new york city s property tax abatement for photovoltaic pv equipment expenditures program is drawing to a close on january 1 2019.
Nyc solar panel tax abatement.
Solar panels generate electricity recover thermal energy for reuse and act as a roof covering.
In order to pursue the property tax abatement projects must be filed along with a pta4 application at the hub.
Provides a property tax abatement to properties that use solar power.
Enacted in 2008 the legislation dictates that buildings with rooftop solar pv in cities of 1 million or more people are eligible for tax abatements.
The program which is run by the nyc department of buildings allows homeowners to recoup 5 of eligible solar system expenditures through reduced property taxes for the next four years.
A tax abatement is an incentive that allows building owners to deduct some or all of the cost of installing solar from their property taxes.
The abatement is spread equally over four years and may not exceed your property tax liability for any given year.
New york state government passed legislation allowing for a property tax abatement on solar pv equipment expenditures.
Using solar power reduces demand on new york city s electrical grid.
Solar electric generating system segs tax abatement.
Solar panel tax abatement new york city offers property tax abatements to property owners that install solar electric generating systems photovoltaic solar panels on their buildings.
The solar electric generating system segs tax abatement encourages nyc homeowners to install solar systems by offering a four year tax abatement of 5 per year of the installed system s cost for a total of up to 20.
In new york city s solar tax abatement program you can currently take 5 of your solar panel system installation expenses and deduct that amount of money from your property taxes for 4 years.