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.
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
- If applied for prior to January 1, 2011 – the benefit is 8.75% of the installation cost. This benefit amount will be limited to either your property tax for the year or $62,500 whichever is lower.
- If applied for between January 1, 2011 and December 31, 2011 – the benefit is 5% of the installation cost. This benefit amount will be limited to either your property tax for the year or $62,500 whichever is lower.
- The abatement will be applied to your property for a four-year period starting on July 1 following the Department of Buildings approval.