Proposed Solar-Energy Tax-Break Extension Awaits Gov. Cuomo's OK
July 1, 2014 — Solar energy is poised to grow New York State in a big way, thanks to planned new legislation extending property-tax breaks for installing power-generating solar panels. The bill has been passed by both the Senate and the Assembly and awaits only Governor Andrew M. Cuomo's signature.
The bill extends to 2017 the tax-abatement program built into the existing solar-incentive program, which helps residential buildings, including include co-ops condos, offset the high cost of installing solar panels.
Assemblywoman Linda Rosenthal, who sponsored the bill, told the Associated Press that strengthening the existing incentive program will help New York transition more easily to a "green economy," defined by the United Nations Environment Program as one that "results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities".
“Encouraging New York City residents to invest in clean, safe, and renewable energy is critical if we are serious about reducing global warming emissions,” she added.
Three of One
The tax break itself is the least of three figures: 5 percent of the cost of the solar-panel installation; property taxes the year panels are installed; or a flat $62,500.
This extension comes two months after Cuomo's announcement in April that the State was committing nearly $1 billion to NY-Sun, an initiative that provides "long-term funding that will boost existing businesses and attract new investments to New York from global solar companies for greater economic growth."
"This $1 billion investment underscores New York’s commitment to growing the clean energy economy," Cuomo said. "By providing long-term funding certainty, the state is attracting private sector investment, creating new economic opportunities, and supporting sustainable development."
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