In a move that is expected to boost renewable energy in the state, the New York legislature has sent Gov. Andrew Cuomo a bill (A.09446) that would extend property tax exemptions for certain solar, wind and biomass projects to Jan. 1, 2025.
The bill carries a 15-year property tax exemption for homeowners and residences installing qualified renewable energy systems. According to the New York State Energy Research and Development Authority, property tax exemptions for solar, wind and farm waste energy systems have helped spur the development of renewable energy sources in the Empire State. A.09446 would extend those benefits to 2025, providing developers with incentives to pursue future projects.
New York is among several states that are using tax abatement programs to encourage renewable energy development.