NYC Solar Tax Abatement Incentive
New York City offered a property tax abatement program for solar systems from 2008 through 2016 that was administered by the New York buildings department. The program allowed property owners to offset their property tax bill for up to 4 years by a percentage (ranging from 2.5% to 8.75%) of their total solar system expenditures. Here are the exact details of the program:
- Abatements are applied after the NY-Sun Incentive and capped at $62,500 per year or $250,000 total. It may not exceed the owner’s property tax liability for any given year.
- Installed from August 5, 2008 to December 31, 2010: 8.75% of system expenditures per year for 4 years (total of 35%);
- Installed from January 1, 2011 to December 31, 2012: 5% of system expenditures per year for 4 years (total of 20%);
- Installed from January 1, 2013 to December 31, 2013: 2.5% of system expenditures per year for 4 years (total of 10%)
- Installed from January 1, 2014 to December 31, 2016: 5% of the system expenditures per year for 4 years
What is a tax abatement?
Tax abatement programs reduce or eliminate the amount of property tax owners pay on new construction, rehabilitation and/or major improvements.
NYC Solar Tax Abatement Expiration
The program was extended in September of 2014 through December of 2016, but was not extended again beyond December of 2016 unfortunately.
New York State Incentives
New York State has some of the most attractive incentives for solar in the U.S., including the The Megawatt Block Incentive Structure and New York State’s Solar Equipment Tax Credit. Read more about New York State incentives in our New York State buyers guide, which includes information on the best solar companies in New York and expected costs and savings.