How to Join the Solar Electric Generating Systems Tax Abatement Program
As more people understand the importance of investing in cleaner and more sustainable energy sources, the global demand for solar electric generating systems continues to rise.
However, despite the increasing awareness and demand, the cost of installing solar panels in New York City is still relatively high. Fortunately, there is a way to reduce the installation and four-year usage costs.
By contacting Slattery Energy and joining the Solar Electric Generating Systems Tax Abatement program, you can enjoy four-year tax abatement for constructing a residential or commercial solar electric generating system. Keep reading to learn more about this program and how you can join it.
What is the Solar Electric Generating Systems Tax Abatement Program?
The SEGS is an incredible property tax abetment program exclusive to New York City’s properties that run on solar power. This program serves as an incentive to building owners to encourage the use of solar energy over natural gas or other non-renewable energy sources.
The program allows a four-year tax subsidy on 5% of the eligible expenditures. Moreover, the maximum four-year energy tax abatement amount can be no more than $62,000, and the unused balance cannot be transferred over to the next year.
How to Join the Solar Electric Generating Systems Tax Abatement Program?
Find out whether your property is eligible for the tax abatement program
Only class 1, 2, and 4 properties are allowed
Owners that pay PILOTs or receive ICAP, 421-a, 421-b, 421-g on their properties are not eligible for the program
To further learn more about the category your property falls under, contact an energy consultant at Slattery Energy to get the right advice
The second step is to download and fill out the required PTA4 form
It is crucial to answer every single question correctly to avoid rejection
Since the tax abatement incentive is based on the initial installation costs, the form requires you to calculate that cost as accurately as possible
The cost will include the total equipment, labor, and design costs
Finally, submit the application form before March 15 to receive approval before July 1
Solar Energy Consultants In New York City
If you live in New York City and want to switch from natural gas to a cleaner energy source, joining the Tax Abatement Program is a great way to go green and make green.
To learn more about the energy tax abatement program and the required application form, contact Slattery Energy today!