New York Gov. Andrew Cuomo has signed several pieces of legislation lowering taxes on solar energy in the state.
The new laws, which Cuomo approved Aug. 17, are an attempt to make solar power more affordable in New York. One creates a statewide tax credit for homeowners who lease solar equipment or ink solar power-purchase agreements of at least 10 years. It goes into effect immediately and will be worth up to $5,000 annually for as many as 14 years.
Another law sets up a sales-tax exemption on the sale and installation of commercial solar-energy systems. It will be effective on the first day of 2013 and also gives municipalities and cities the option of not levying local sales taxes against commercial solar systems.
Cuomo is bundling the laws as part of the “NY-Sun” initiative intended to increase the number of solar-energy systems installed in the state. Another piece of legislation he signed Aug. 17 under the initiative will extend a property-tax abatement for solar-energy systems in New York City through 2014.
“Together with other NY-Sun incentives, these bills demonstrate the state’s commitment to reducing energy costs, growing our green-energy sector, creating jobs, and protecting the environment,” Cuomo said in a news release.
Contact Seltzer at rseltzer@cnybj.com