New York, NY – Assemblymember Linda B. Rosenthal (D/WF-Manhattan) announced that her legislation to provide homeowners and business owners with a property tax abatement when they install solar panels was signed into law today by the Governor.

“As this week’s Climate March made abundantly clear, if we are to address climate change and rid the air of harmful pollution, we must invest in clean, safe and renewable energy sources,” said Assemblymember Linda B. Rosenthal. “Providing financial incentives to New Yorkers to install solar on their homes and businesses that will allow them to transition from dirty energy sources to renewable ones, will hasten our transition to a new green economy that is powered by wind, water and solar.”

The measure, Chapter 396 of the Laws of 2014, sponsored in the Senate by Andrew J. Lanza, would provide homeowners and businesses in class 1, 2 and 4 properties in New York City with a tax abatement equal to the lesser of:

• Five percent of the total cost of the solar panel installation;
• The amount of the property taxes payable in the tax year that solar panels are installed; or $62,500.

Eligible properties include most residential homes, co-ops and condos, rental buildings and commercial and industrial properties.

This new law doubles the tax abatement granted to participants of the program and extends it to 2017. Anyone interested in installing solar panels on their homes or buildings should contact the New York City Department of Finance.