I live in Albany and thinking about going solar with a solar lease. I don't have a particularly large state tax liability so wondering if will even apply to me?
answered 2015-03-31 19:03:37 -0500
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Whether or not you'd be able to take advantage of the NY Solar Tax Credit or not would depend on both your NY state tax liability and your electricity usage. If your state tax liability is at least a few hundred dollars per year, it could most certainly make sense. Additionally, if your electricity usage is also low, then you won't ever have to worry about having 'too much tax credit', mainly because the amount of credit you'll be eligible for will never exceed 25% of your electricity costs (capped at $5,000).
Regardless of whether you purchase your system or have it installed with a solar lease or power purchase agreement (PPA), you can take advantage of the credit. This fact makes NY's Solar Tax Credit one of the most generous in the country.
We've recently written up a series of articles on the topic, which we've linked to below. Please read through them and come back to our Q&A forum if you have any lingering questions!
(By the way, when it comes to the federal Investment Tax Credit for solar, you can only claim the credit (30% of all system-related costs) if you purchase/own the system yourself.)
Good luck going solar!
Asked: 2015-03-26 17:43:57 -0500
Seen: 103 times
Last updated: Mar 31 '15