New York State Bets On Solar Power

The state of New York, in a bi-partisan effort, passed several tax incentive measures this summer to encourage solar power. Legislation was passed despite a slowdown on the federal level to enact solar power incentive legislation.

Governor Andrew Cuomo approved a series of bills that will ease the tax burden for individuals and businesses investing in solar energy.

They include:

• Bill A 34-B, which provides tax credits for homeowners who invest in solar energy through a lease or power purchase agreement that is at least 10 years long. The credit is available up to 14 years, up to a maximum of $5,000. The law takes effect immediately.
• Bill A 10620, which takes effect January 1, 2013, and extends the property tax abatement that is available for solar-generating systems in cities of one million or more people through 2013 and 2014.
• Bill A 5522-B, which exempts the sale and installation of commercial solar energy systems from state sales taxes and allows municipalities to grant systems a tax exemption as well. The law takes effect January 1, 2013.

“The bills signed today continue to build momentum for the state’s NY-Sun Initiative by accelerating the installation of solar power while making it a more affordable option for residents and businesses,” says Governor Cuomo. “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.”

Current terms of the NY-Sun program calls for the installation in 2012 of twice the customer-sited solar electricity capacity that was added during 2011, and quadruple that amount in 2013.

The New York tax policies, which received bipartisan support, will help New York continue to drive toward its renewable energy goals, says the Solar Energy Industries Association (SEIA)

There are already about 7,500 solar PV installations in New York, capable of producing about 121 megawatts (MW) of clean energy (enough for 20,000 homes).

Photo Credit: Ra Boe /Wikipedia

Source: SustainableBusiness.com