By Evelyn Polvere
In New York we are fortunate to have two tax credits that solar owners can take advantage of: the New York State and the Federal tax credits.
New York’s Solar Tax law offers a 25% tax credit on both a solar purchase and a solar lease, with a $5,000 cap. Currently, there is no expiration date for this credit.
The federal tax credit returns 30% of your cost back to you for a solar purchase, with no maximum. The Federal Tax Credit was slated to expire at the end of 2016, but the legislature extended the law this past year. It will remain at 30% until the end of 2019, dropping to a 26% credit in 2020, and a 22% credit in 2021.
Together, these two credits are worth on average $13,000 to $18,000 total savings to the homeowner.
Solar lease customers are able to take advantage of the New York State tax credit, up to the $5,000 maximum.