|Program Type||Income Tax Credit|
|Technologies||Photovoltaics, Solar Water Heat, Solar Space Heat, and Fuel Cells|
|Amount||Up to $5,000 for solar-energy systems, and 25 percent of system cost|
|Required Documentation||Form IT-255 Claim for Solar Energy System Equipment Credit|
|Official Web Site||http://www.tax.state.ny.us/pit/income_tax/more_income_tax_credits.htm|
Home and residential property owners in New York may qualify for this tax credit for installing a photovoltaic (PV) or solar energy system, including solar space heating or solar water heating systems on their property. To qualify for the credit, a PV system must grid-tied and net metered. For homes, this is limited to a 10 kW system. For condominiums and homeowner’s associations purchasing a system, size is limited to 50 kW systems.
The credit is allowed for the year the system is installed. In the case of condominiums and homeowners associations, the credit is divvied up between the building’s participating residents, according to New York tax code. If the credit is in excess of the tax due that year, it may be carried over for a maximum of five years.
Covered costs under the program include payments made for materials, labor costs for assembly and installation, designs and plans related to the construction and installation of the system, as well as architectural and engineering services. If grant money was used to make the purchases, they are not eligible for the tax credit.