In addition to our incentive programs and financing options, your business may qualify for federal tax credits for getting solar. If you’re a New York State business owner interested in filing for a tax credit, you will need to complete the appropriate forms to submit along with your normal yearly tax filing.
The owner of a qualified solar installation can file for federal tax credits and accelerated depreciation on the cost of the installation. In some financing arrangements, these benefits are taken by the contractor, and in others, they can be taken by the building or business owner. Discuss tax credits and financing options for your project with your solar contractor, and consult with your tax advisor.
The most commonly used forms and instructions are listed here. We also encourage you to consult an accountant or tax advisor if you have any questions.
30% Federal Tax Credit
Commercial Depreciation Allowance
New York State Real Property Tax Exemption
Form RP 487 from New York State Department of Taxation and Finance
- This form is filed with the local property assessor. Some municipalities and school districts have opted out and will include the value of the solar installation in your property tax assessment without the exemption. See if your community has opted out.
NYC Real Property Tax Abatement Program
If your business is in New York City, ask your participating contractor about the NYC Real Property Abatement Program, which New York City offers in lieu of the New York State Real Property Tax Exemption. Confirm your contractor’s process for submitting and handling Form PTA4, as some contractors may do it on your behalf.