Provides a property tax abatement to properties that use solar power. Solar power is a reliable, renewable source of electricity. Solar panels generate electricity, recover thermal energy for reuse and act as a roof covering. Using Solar power reduces demand on New York City’s electrical grid.
Eligibility
NYC Department of Buildings (DOB) determines eligibility and approves the application while Finance administers the benefit.
Class 1, 2 and 4 properties
If you receive ICAP, 421-a, 421-b, 421-g or pay PILOTs, your property is NOT eligible for the Solar Electric Generating System Tax Abatement
Benefit:
The amount of the benefit is equal to 20% of the gross system cost paid over a 4 year period. The maximum eligible benefits is $250,000 or $62,500 a year
Duration:
The abatement will be applied to your property for a four-year period starting on July 1 following the Department of Buildings approval.
Cost Services Group is part of the NECS Group of Companies
We are located in Brooklyn, New York at 1274 49th Street Brooklyn NY 11219 Phone: 855.733.1100
