Photo Courtesy of the U.S. Department of Energy
The bill extends the Solar Panel Tax Abatement program to 2021.
By Forum Staff
Under a bill recently approved by both the State Senate and Assembly, city residents who install solar-generating systems in their homes and buildings will continue to be eligible for a real property tax abatement to recoup some of their costs until March 15, 2021, one of the measure’s co-sponsors, Sen. Joe Addabbo, Jr. (D-Howard Beach), announced on Friday.
The Solar Panel Tax Abatement program was scheduled to come to an end on March 15, 2019. The recently passed bill, which is now on Gov. Andrew Cuomo’s desk, extends it to 2021. In the five boroughs, owners of one-, two- and three-family homes are eligible for the tax abatements, as well as Class Two residential properties, which include buildings with more than three units, as well as condominiums and cooperatives. Class Four properties, including office buildings, factories, stores, hotels and lofts, may also participate in theprogram, Addabbo said.
“Solar energy is an important component of our efforts to reduce our carbon foot print, reduce greenhouse gas emissions, and improve our overall environment,” added Addabbo, a member of the Senate Environmental Conservation Committee. “Encouraging residents and other property owners to make their buildings solar-friendly also has other benefits, such as reducing energy bills and helping to create more jobs in our growing ‘green’ economy.”
Depending on individual costs, applicants who install eligible solar generating systems on their properties may receive a tax abatement limited to five percent of their expenditures, the amount of real property taxes payable in that tax year, or a flat cost of $62,500, Addabbo noted.