New York State Incentive
The New York State Research and Development Authority (NYSERDA) administers an incentive program to approved grid connected solar installations overseen by a NYSERDA installer.
The current incentive level is $0.40 per watt up to 50 kW and $0.30 per watt for every additional watt up to 200 kW.
Modified Cost Recovery System (MACRS) is a corporate depreciation program where business can recover investments in certain property through depreciation deductions. MACRS classifies solar products as “5-year property” instead of “20-year property,” as previously classified. Under the Economic Stimulus Act of 2008 certain installations may qualify for additional bonus depreciation. See your tax professional for details.
Federal Corporate Tax Credit
The Federal government offers a tax credit equal to 30% of installed costs for solar PV and solar hot water systems (each).
New York Property Tax Exemption
Solar installations may qualify for an exemption from any increase in the assessed value of your property caused by renewable energy upgrades for 15 years, depending on town/city regulations. The amount of the exemption is equal to the increase in accessed value.
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