What is happening
Governor Hochul and state lawmakers have an opportunity this legislative session to help more New York families benefit from solar energy. To do so, they must include two important policies in the final budget for FY 2025:
- Increasing the state’s solar tax credit cap from $5,000 to $10,000, and
- Making the tax credit refundable for low-to-moderate income families.
The tax credit cap needs to increase
New York state provides a personal income tax credit worth up to 25% of the total system costs for New Yorkers who install solar on their homes. The $5,000 tax credit cap hasn’t increased or been adjusted for inflation since 2006.
Lawmakers passed the credit to help the state meet its renewable energy goals. Without a cap increase, the state will fall short.
A refundable credit will help more New Yorkers go solar
The current tax credit leaves many New Yorkers out. It is inaccessible to many low-income homeowners and seniors because they often do not pay enough in taxes to use the credit. Making the credit refundable would remove this barrier and work toward New York’s leading climate and equity goals as required by the Climate Leadership and Community Protection Act (CLCPA).
Tell Gov. Hochul and state lawmakers to support solar tax credits that work for all New Yorkers
