Combined available State and Federal Tax Credits can represent 55% in NY, in most cases.
Federal Tax Credits (solar energy system tax credit on Federal Tax Returns)
Residential Solar Tax Credit - The federal solar tax credit presently returns 30% of installed cost, established in the Energy Policy Act of 2005 for photo-voltaic systems and solar water heating systems. The former $2,000 cap was removed with the Stimulus Package, so the available tax credit is 30%, with no upper limit.
Business Solar Tax Credit and Fuel Cell Tax Credit - 30% business credit, established in Energy Policy Act of 2005, for the purchase of fuel cells and solar energy equipment. Credit can also be applied toward solar fiber-optic equipment for interior lighting.
New York State Residential Tax Credit (save on your NY State Taxes)
New York State allows you to claim a tax credit equal to 25% of the cost of solar thermal and photo-voltaic systems, with a maximum credit of $5,000 toward each system.
NY state also exempts solar systems from sales tax and most communities allow homeowners a 15-year real property tax exemption, on the value of the property improvement.
Are you ready for Solar? Contact Us at APEX Thermal Services.
tel: 845 430 5825