ALBANY, N.Y. - Governor Andrew Cuomo signed a series of bills Friday as part of the NY-Sun initiative that will make solar energy more affordable for homeowners and businesses as well as create new jobs in the state's growing solar energy sector.
The new laws include statewide tax credits for the lease of solar equipment and power purchase agreements, which takes effect immediately. The tax credit would be available for up to 14 years with a maximum of $5,000 for all years.
The law also includes statewide sales tax exemptions for commercial solar energy systems equipment from sales taxes, and allows municipalities and cities to exclude these costs from local sales tax, effective January 1, 2013.
Lastly, the law includes an extension of the real property tax abatement in New York City for solar installations through 2013 and 2014, effective January 1, 2013.
NY-Sun calls for the installation in 2012 of twice the customer-sited solar electricity capacity that was added during 2011, and quadruple that amount in 2013.
For more information on the legislation visit
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