NYC's Property Tax Abatement for Solar Panels
New York City boasts the nation's oldest electric infrastructure, resulting in some of the highest electricity rates in the country for its residents. Despite the burden of these elevated rates in a city known for its steep living costs, there's good news for qualified homes: NYC offers a property tax abatement program as an incentive for homeowners to transition to solar power, making solar adoption in NYC exceptionally appealing!
What is the NYC Solar Property Tax Abatement?
This program reduces property taxes for homeowners who install solar panels on their residences. The abatement lasts four years and amounts to 30% of the installed system's cost. For an average home, this translates to a total abatement ranging from $8,000 to $10,000, evenly spread over four years. This could mean $2,500 annually for an average homeowner!
The abatement can be availed in addition to any other existing abatements, and it's accessible regardless of whether you're purchasing, financing, or leasing your solar panel system.
Eligibility and Application Process
Your installer will handle the filing of several forms with the NYC Department of Buildings, including a cost affidavit known as the PW3 and a property tax abatement form called the PTA4.
Following the completion of your installation, your installer will schedule an electrical inspection with the city. Subsequently, ConEdison will replace your electrical meter and grant permission to activate your system.
The final step involves arranging an inspection with the NYC DOB. Upon passing the inspection, the DOB will notify the Department of Finance. If your inspection is cleared by March 15th, your abatement will commence in the same year on your July property tax bill. For inspections passed after March 15th, the abatement will commence in the subsequent tax year (fiscal tax years run from July 1 through June 30th).
You can find further details about solar in NYC and the NYC Property Tax Abatement FAQ here.
New York City is encouraging homeowners to embrace solar energy, and this four-year property tax reduction serves as a remarkable incentive, making the switch to solar in NYC a compelling option to alleviate electricity and tax expenses!