To encourage the New York City residents to install solar panels, a legislation was passed by the State of New York in August 2008. This legislation allowed property tax abatement for solar systems. The residents enjoy an annual deduction of 5 percent from their system expenditures. But, this legislation will expire in 2019. This means that it is the right time to install solar panels to enjoy its benefits.

Those who install these systems before 1st January 2019 will enjoy the deductions for the next four years. The deductions will be from expenditures including installation labor, equipment costs, and costs associated with system designing.

The abatement is applicable to different property types including condos, one-to-three-family homes, co-ops, rental properties, and commercial properties. One can enjoy a saving of maximum 62,500 dollars a year or the real property taxes owed for that particular year. There is no provision of carrying unused balanced to subsequent years.

If you are interested in enjoying this rebate, fill the Property Tax Abatement Application and Agreement for Solar Electric Generating System. This form covers personal information, location information, general contractor information, and electrical contractor.

The government’s motivation behind this legislation 

The value of the homes increases after the homeowner installs solar panels. Due to this, the residents need to pay additional property tax. Such an increase was expected to discourage those who were thinking of this utilizing this technology. Therefore, the government introduced this scheme to enable the residents to compensate for the extra money spent. And through this scheme, the government got closer to the goal of making New York City cleaner and pollution-free than other states.

In case you need more information on this topic, our experts can help you. We also provide solar systems and installation at affordable rates.