 |
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
|||||||||||
|
||||||||||||
 |
|
|||||||||||
Syracuse Solar and Wind
New York State Tax Credits
| Incentive Type: | Personal Residental Tax Credit |
| Technologies | Solar Water Heat, Solar Space Heat, Photovoltaics, Fuel Cells |
| Amount: | 25% for solar-electric and solar-thermal systems; 20% for fuel cells a miximum of $5,000 for solar-energy systems installed on or after 9/1/06; $1,500 for fuel cells and excess credit may be carried forward five years |
| Requirements | Systems must be new and in compliance with all applicable performance and safety standards |
| Summary: | |
| Enacted in August 1997, this personal income tax credit originally applied to expenditures on solar-electric (PV) equipment used on residential property. The credit, equal to 25% percent of the cost of equipment and installation, was expanded in August 2005 (S.5252) to include solar-thermal equipment. The solar-thermal provisions apply to taxable years beginning on and after January 1, 2006. The credit is capped at $3,750 for solar-energy systems placed in service before September 1, 2006, and capped at $5,000 for solar-energy systems placed in service on or after September 1, 2006. Any amount of credit that exceeds a taxpayer's liability in a given tax year may be carried forward for the five following taxable years. Any amount of the system cost provided by a grant from any source is not eligible for this credit. Solar-energy equipment is defined as "an arrangement or combination of components utilizing solar radiation, which, when installed in a residence, produces energy designed to provide heating, cooling, hot water or electricity." The credit may not be used for pool heating or other recreational applications. While there is no explicit limit on the size of a solar-electric energy system eligible for the tax credit, there is a 10-kilowatt capacity limit on residential, net-metered solar-energy systems. Fuel cells installed at a principal residence are eligible for a 20% tax credit, with a maximum credit of $1,500. To qualify, fuel cells must provide a maximum rated baseload capacity of 25 kW and must utilize proton exchange membrane (PEM) technology |
|
Syracuse Solar and Wind LLCis a Quality Solar Concepts Inc Company. 1877-59Solar 1-877-59(7-6527)