Provides a property tax abatement to properties that use solar power. Solar power is a reliable, renewable source of electricity. Solar panels generate electricity, recover thermal energy for reuse and act as a roof covering. Using Solar power reduces demand on New York City's electrical grid.
Eligibility:
NYC Department of Buildings (DOB) determines eligibility and approves the application while Finance administers the benefit.
Class 1, 2 and 4 properties
If you receive ICAP, 421-a, 421-b, 421-g or pay PILOTs, your property is NOT eligible for the Solar Electric Generating System Tax Abatement
Benefit:
The amount of the benefit is equal to 20% of the gross system cost paid over a 4 year period. The maximum eligible benefits is $250,000 or $62,500 a year
| Service Start Date | % of the Installation Cost | |
| 8/5/08 through 1/1/11 | 8.75% | |
| 1/1/11 through 1/1/13 | 5% | |
| 1/1/13 through 1/1/14 | 2.5% | |
|
1/1/14 through 1/1/17 |
5% |
Duration:
The abatement will be applied to your property for a four-year period starting on July 1 following the Department of Buildings approval.