Residents in New York are planning to gather in Crown Heights, Brooklyn on March 7 to voice their support for Senate Bill S3596B, a bill that would increase the maximum state income tax credit for those who install residential solar projects at their residence.
Since 2006, New York has offered a Solar Tax Credit that is capped at $5,000 per household installing solar. The credit is sized at 25% of the system cost, or $5,000, whichever comes first. The new bill would double that cap to $10,000, allowing customers to offset state income taxes with a credit. It would retain the 25% installed system cost.
For eligible low- to moderate-income residents, the tax credit would also be available to be collected as a tax refund. Any remaining credit that exceeds the amount due in taxes would be paid as a refund.
If passed, solar projects installed after January 1, 2025 would be eligible for the heightened cap. Energy storage tied to a PV system would also be considered an eligible cost for the credit.
The bill states:
“Though residential solar provides a net savings in energy costs, the high upfront cost of installing solar panels is an obstacle that hinders homeowners across New York from fitting their roofs with solar. Indeed, with an initial installation cost in the five-figure range – a heavy lift for many families – it can take several years for residents to receive a return on their investment. Expanding the residential solar tax credit limit will make the installation of residential solar more affordable and accelerate its expansion, assisting the state in meeting our goals.”
The support rally is taking place Thursday, March 7, 2024 at 10:30 a.m. Participants will gather at 838 Park Place, Crown Heights, Brooklyn, an income-restricted co-op building with a rooftop solar canopy.
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