Law extends tax break for New York City residents installing solar panels

Government And Institutions Associated Press

Gov. Andrew Cuomo has signed a law to extend property tax breaks for installing electricity-generating solar panels on New York City buildings.

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Assembly member Linda Rosenthal, a Manhattan Democrat and sponsor, says the action extends the existing incentive program to 2017, doubles the possible tax break and helps promote a green economy.

It's also meant to offset the 25 percent higher cost of installing solar capacity in the city due to stringent regulations and the complexity of building sites.

Sponsors say eligible properties include most homes, co-ops and condos, rental buildings and commercial and industrial properties.

The tax break is the lesser of 5 percent of the solar panel installation cost, property taxes the year panels are installed, or $62,500.

Homeowners apply to the city finance department.