NY: New laws expand solar incentives
New York has enacted yet more legislation to support PV development in the state. S.B. 7464 expanded an existing four-year property-tax abatement for PV systems installed in New York City. The abatement previously applied to PV systems installed before 1/1/2015; it now applies to systems installed before 1/1/2017. In addition, S.B. 7464 raised the annual incentive level of the abatement from 2.5% to 5% of eligible PV expenditures.
New York has also established a 15-year “local option” property tax exemption for renewable-energy systems, including PV systems. S.B. 7026 extended the deadline for commencing system construction from 12/31/2014 to 12/31/2024. A local government that has not opted out of the exemption may require the property owner to enter into a contract for a payment in lieu of taxes, but S.B. 7026 provides developers some additional protection from unplanned outcomes involving such required payments.