ALTERNATIVE ENERGY SYSTEMS TAX CREDITS

S.1634-a (Fuschillo, et al.)

A.8350-a (Gordon, et al.)

Summary

This bill would establish various tax credits to offset the costs of the purchase and installation of solar and wind energy system equipment and fuel cell electric generating equipment.

Explanation

Solar, wind, and other renewable energy technologies are beneficial to New York’s environment and economy. Encouraging the development of sources of electricity with little or no pollution helps to displace the use of polluting fossil fuel-based electricity. Generating power from on-site clean sources also helps to reduce stress on the state’s aging electric distribution and transmission infrastructure.

Providing the owners of these energy systems limited exemptions from certain business taxes is one way, among many approaches, to encourage the installation of these technologies on a broader scale. Coupled with easing the current restrictions on net metering, these tax credits could help further deploy these clean energy technologies throughout the state. This bill should help reduce air pollution, lessen the state’s contribution to global warming, and help provide safe and reliable electricity.

Environmental Advocates of New York supports this bill.