18 January 2012
Last week in the New York Governor Andrew Cuomo’s State of the State address, he announced an initiative with a goal of quadrupling solar energy installations by 2013. In New York’s budget plan that was unveiled yesterday, details of the two new tax credits in what’s being called the “NY-Sun Initiative” were released.
First off, commercial customers would be exempt from state sales tax on solar electric systems. Local governments can opt to waive their local sales tax as well. This expands the current tax credit that is only for residential customers.
Leased systems will also quality for a state income tax credit of a proposed 12.5%, or half of what homeowners currently get for a purchased system.
Carol E. Murphy, Executive Director of the Alliance for Clean Energy New York said the group “applauds Governor Cuomo’s call for energy efficiency and the expansion of our renewable resources.”
In addition to the additional solar tax credits, the Governor is calling for improvements in the state’s transmission structure along with a plan that provides financing for homeowners making energy efficiency upgrades.