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New York State Department of Taxation and Finance Solar Electric Generating Equipment Credit IT-255

New York State Department of Taxation and Finance Solar Electric Generating Equipment Credit IT-255 2025

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The document outlines the New York State Solar Electric Generating Equipment Credit (Form IT-255), which allows taxpayers to claim a credit for the purchase and installation of solar electric generating systems at their principal residence. The credit is 25% of qualified expenditures, capped at $3,750, and applies to systems with a maximum rated capacity of 10,000 watts. It includes detailed instructions on eligibility, computation of the credit, and necessary forms to be attached to tax returns.

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What is the solar property tax exemption in NY?

In addition to the 30% Property Tax Abatement, NYC residents who solar can also claim: 30% Federal Income Tax Credit. $5,000 New York State Solar Income Tax Credit. $0.20 per Watt rebate from NYSERDA (deducted from upfront contract price)

What disqualifies you from a solar tax credit?

You must own the system: To use the tax credit, you must purchase the solar panels with cash or a loan. You will not get the tax credit if your solar panels are installed through a solar lease or a power purchase agreement (PPA) because you are not the owner of the system. You must have taxable income.

How do I claim the solar credit on my taxes?

Yes. A solar PV system does not necessarily have to be connected to the electric grid for you to claim the residential federal solar tax credit, as long as it is generating electricity for use at your residence.

Does NYS have a solar tax credit?

In addition to incentives and low-interest financing to help you pay for solar, there are additional tax credits available for homeowners that solar through New York State and the Inflation Reduction Act.

What is the $5000 solar income tax credit in NY?

New York State Solar Tax Credit In addition to the Federal ITC, New York State offers a significant tax credit through the Solar Energy System Equipment Credit. This credit gives New Yorkers up to $5,000 back on their State Income Tax Returns. Just like the Federal ITC, this state credit directly reduces your tax bill.