NYS Tax Department and NYSERDA Highlight Valuable Tax Credits for Environmentally Conscious Homeowners

September 21, 2016

The New York State Department of Taxation and Finance and the New York State Energy Research and Development Authority (NYSERDA) today highlighted the multiple tax credits available for "going green" by conserving energy and reducing carbon emissions. Today's announcement coincides with Climate Week, an international platform for government, business and civil society to collaborate on low-carbon solutions.

New York State has innovative methods to transform the way energy is generated and delivered. Governor Cuomo's Reforming the Energy Vision (REV) strategy is building an energy system for all New Yorkers that's strong and affordable. A key component to meet climate goals and reduce emissions 40 percent by 2030 is the Clean Energy Standard, which requires 50 percent of all electricity used in the State to come from renewable energy resources, such as solar and wind, by 2030.

"These tax breaks continue to build on the momentum of Governor Cuomo's multi-faceted environmental initiatives," said Nonie Manion, Acting Commissioner of Taxation and Finance. "With more New Yorkers taking advantage of these valuable incentives, they're helping to preserve the environment for future generations."

"State tax credits are effective and critical components of Governor Cuomo's nation-leading energy strategy to create an energy system that's resilient and affordable for all New Yorkers," said John B. Rhodes, President and CEO, New York State Energy Research and Development Authority (NYSERDA). "Tax credits provide homeowners with opportunities to choose solar or wind energy by making them more affordable."

Solar energy system equipment credit

New Yorkers are eligible to claim the solar energy system equipment credit if they've purchased solar energy equipment, leased the equipment, or have agreed to purchase energy produced by a solar energy system for at least ten years.

The credit is equal to 25 percent of the expenses related to the qualified solar energy system after subtracting grants from NY-Sun, and is limited to $5,000.

Alternative fuels and electric vehicle recharging property credit

Property owners or their business can claim a credit worth up to $5,000 for investments in new alternative fuels vehicle refueling property or electric vehicle recharging property. For Tax Year 2014, nearly 26,000 environmentally-conscious New Yorkers claimed $23 million in credits for these programs.

One of Governor Cuomo's environmental initiatives, NY-Sun, is working to move the state closer to a sustainable, self-sufficient solar industry. The growth of solar energy installations in New York State has increased 575% between 2012 and 2015 and strong demand continues. New York State now ranks fourth in the number of people employed in the solar industry and fifth in total annual solar installations, up from ninth in 2013.

About Reforming the Energy Vision

Reforming the Energy Vision (REV) is Governor Andrew M. Cuomo's strategy to lead on climate change and grow New York's economy. REV is building a cleaner, more resilient and affordable energy system for all New Yorkers by stimulating investment in clean technologies like solar, wind, and energy efficiency, in part through the recent adoption of New York's Clean Energy Standard which requires that 50% of the state's electricity needs be generated from renewable energy sources by 2030. Already, REV has driven 600% growth in the statewide solar market, enabled over 105,000 low-income households to permanently cut their energy bills with energy efficiency, and created thousands of jobs in manufacturing, engineering, and other clean tech sectors. REV is ensuring New York State reduces statewide greenhouse gas emissions 40% by 2030 and achieves the internationally-recognized target of reducing emissions 80% by 2050. To learn more about REV, including the Governor's $5.3 billion investment in clean energy technology and innovation, please visit www.ny.gov/REV4NY and follow us at @Rev4NY.

About NYSERDA

NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA's programs, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.

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