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(USGovernment-News.Com, August 24, 2012 ) San Francisco, CA -- New York Governor Andrew Cuomo signed a series of legislative bills on Monday August 20 2012 that will make solar energy much more affordable for homeowners and businesses. These bills are also expected to create additional employment in the states’ solar energy section.
The new laws that the governor signed include statewide tax credits for leasing solar power equipment as well as entering into solar power purchase agreements (A.34-B/S.149-B), statewide exemptions from sales taxes for commercial solar equipment (A.5522-B/S.3203-B), and an extension of the property tax abatement.
These bills are part of the NY-Sun initiative and Governor Cuomo has this to say about them.
“The bills signed today will build momentum for the state’s NY-Sun Initiative by accelerating the installation of solar power while making it a more affordable option for both residents and businesses” He also went on to say that in combination with other NY-Sun initiatives, these bills clearly show New York’s commitment to lowering energy costs, growing the state’s renewable energy sector, and protecting the environment.
NY-Sun initiatives call for the installation in 2012 of twice the business and residential solar electricity capacity that was added during 2011, and four times the 2011 amount in 2013.
The president and CEO of New York State Energy Research and Development Authority (NYSERDA) had this to say about today’s legislation.
“Governor Cuomo’s NY-Sun Initiative sends the message that New York is increasing its efforts to deploy solar energy as well as to develop the advanced technologies that will support the state’s growing clean energy economy. New York’s focus is on expanding and developing their renewable energy resources. This focus will ensure that the state maintains a diverse renewable energy portfolio.”
Statewide Tax Credits for Leased Solar Systems
The newly signed law, which takes effect immediately, provides statewide tax credits for to homeowners who acquire solar equipment through a lease or power purchase agreement. The agreement must span at least ten years to be eligible for the tax credit, and the credits can be available for up to fourteen years. The maximum total tax credit is capped at $5000.00.
Solar leases and power purchase agreements are alternatives to the traditional upfront purchases of solar generating equipment. These leases and agreements have grown rapidly in popularity during the last few years, and are expected to increase the pace of solar installations in New York. The reason for the increased use of solar leases and power purchase agreements is that they often reduce or eliminate the need for an upfront investment in solar.
Sales Tax Exemptions on Commercial Solar Systems
The second law puts into place statewide sales tax exemptions on the sale and installation of commercial solar energy systems. It also allows for the exclusion of these costs from local sales taxes implemented by municipalities and cities.
This bill takes effect on January 1 2013 and is designed to assist in the installation of solar systems on commercial buildings. These buildings normally have a lot of flat rooftop space, and are also high demand energy users.
New York City Real Property Tax Law Abatement
The final bill that was signed simply extends a currently existing real property tax abatement which is available for solar energy systems. The extension means that the abatement will continue throughout 2013 and into 2014, and will be helpful in mitigating the cost of solar system installation in New York City. Like the sales tax exemption bill, this bill also takes effect on January 1 2013..
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