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Understanding Solar Tax Credits – What is the NYS Tax Credit?
The last quarter of the year is upon us, and for many people, it means that tax season is just starting to creep into their peripherals. For us in the solar industry, every season is tax season. Why? Investing in solar gives you the opportunity to leverage your tax burden to get the biggest refund of your life.
We work to get these credits back in our customer's hands all year round but to claim those credits next year; you need to invest in a solar system before the end of 2018.
To help people understand all the solar tax credits available, we're going to be covering one type of solar incentive a week for the rest of September. This week let's talk about New York's Solar Tax Credit.
New York State is one of the hottest solar markets in the country. The state’s commitment to renewable energy development has led the governor to help create several solar programs that have helped make solar more affordable for everyday residents. One of those tools is the NYS solar tax credit, a dynamic tool that allows NYS residents receive significant tax relief.
The New York State’s Tax Credit is equal to 25% of your solar costs or $5,000 – whichever is lower. A tax credit can be removed directly from your tax bill. You can count it as real savings immediately, an injection of cash direct to your checking account.
What does that look like for an average NYS resident?
It can wipe out your families tax bill completely.
Since the average NYS resident pays close to $5000 in state taxes, investing in solar can erase your 2019 tax bill completely. Fortunately for you, you don’t have to use the tax credit all at one time.
New York’s Solar Tax Credit is one of the most adjustable of its kind in the country. The dynamic nature of the tax law lets NYS residents roll over excess credits for up to five years.
As with all things relating to tax liability, you should consult your tax professional before investing in a solar system. They will help you understand just how much of your tax liability you can leverage, and precisely what that means in regards to your solar investment. The Renovus team will work with your accounting team to make sure you take the action that is best for your long-term financial benefit.
So, that's New York's tax credit. Next week we'll be covering something a little bit different, but every bit as powerful; the NY-SUN NYSERDA program.
If you want a full breakdown of everything available to you, please download our guide to solar tax credits. If you are interested in investing in solar in 2019, click the free quote button below.