NY signs legislation to boost solar development20. August 2012 | Global PV markets, Markets & Trends | By: Becky Beetz
New York Governor, Andrew M. Cuomo has signed a series of bills, which aim to boost the uptake of solar in the U.S. state. Overall, 3 measures have been introduced: tax credits; sales tax exemptions; and real property tax abatement extensions.
Under the NY-Sun initiative, 3 bills have been signed into law which, says the New York State Energy Research and Development Authority (NYSERDA), will make solar both more affordable and create new jobs.
"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," said NYSERDA in a statement released. While pv magazine has contacted the authority, it has declined to provide any concrete figures to date.
Under the first law, which takes effect immediately, statewide tax credits will be made available for homeowners obtaining solar equipment via a lease program or power purchase agreement of at least 10 years. Overall, a maximum of US$5,000 will be made available over a period of up to 14 years.
As of January 1, 2013, sales tax exemptions for the sale and installation of commercial solar systems equipment will be introduced. Municipalities and cities will also be able to exclude these costs from local sales tax.
Also taking effect from January 1, 2013, is the extension to property tax abatements available to solar energy generating systems in New York City through 2013 and 2014. "This extension will help mitigate the cost of installing solar installations in the City," continued the statement.
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