Summer may be winding down, but that isn’t stopping solar from heating up in New York.
New York Governor Cuomo is hard at work putting the sun’s energy to greater use for the benefit of all New Yorkers. Friday he officially made law, three solar energy tax exemption bills with the backing of bi-partisan support in the New York state legislature. These three bills (details below) will help New York continue to grow its clean economy and meet the goal of his NY-Sun initiative “to quadruple* the amount of solar in New York State by 2013.”
Here are more details on the solar tax exemptions signed into law by Governor Cuomo last week:
- A.34b/S.149b expands the 25% tax credit on eligible residential systems to include leased systems.
- A.5522b/S.3203b exempts the sale and installation of commercial solar energy systems equipment from sales and compensating use taxes; grants municipalities the option to grant such exemption from local sales and use taxes.
- A.10620/S.7711 Extends NYC property tax credit (set to expire in 2013) and extends it to 2015.
*According to the NY-Sun Initiative FAQ page, “quadrupling” will result in approximately 120 megawatts (MW) of new solar installations (240 MW total) in New York by the end of 2013.
(Image is a screenshot from the Solar Energy Industries Association, “State Solar Policy: New York” New York Solar Business Map.)