With all levels of government inclusive of the city, state, and federal level focusing on expansion and integration of renewable energy, solar power is the most effective renewable technology for NYC properties. Solar power systems derive clean, pure energy from the sun. Installing solar panels on your building helps combat greenhouse gas emissions, decreasing your electricity bills, and improving your LL97 compliance.
In addition various tax benefits to installing solar, there is a property tax abatement for up to 20% of the installed cost.
Below are some technical details related to the abatement:
- For solar electricity generating systems placed in service between January 1, 2014, and January 1, 2024, for each year of the compliance period the tax abatement will be either 5% of eligible solar system expenditures, the amount of taxes payable in the tax year or $62,500, whichever is lesser.
- If the electric energy storage equipment is placed in service between January 1, 2019, and January 1, 2021, for each year of the compliance period the tax abatement will be either 10% of eligible energy storage expenditures, the amount of taxes payable in the tax year or $62,500, whichever is lesser.
Abatements are calculated after interest, finance charges, and grants have been applied but before other tax-related incentives. This incentive will help to offset 20% of the total installation cost which includes solar PV equipment, labor, and design costs.
Considerations:
- The solar electric generating system must not be a component of a non-solar electric generating system and use recreational facilities as a storage medium.
- Electric energy storage technologies may include batteries, flywheels, electrochemical capacitors, compressed air storage, and thermal storage devices.
Please contact us if you want to have STRATCO explore solar PV solutions for your asset on your behalf.
