New York, NY – Assemblymember Linda B. Rosenthal (D/WF-Manhattan) today announced that her legislation, bill A.9680/S.7464-A, which would provide homeowners with a property tax abatement if they install of solar panels, passed both the Senate and Assembly today.

“Encouraging New York City residents to invest in clean, safe and renewable energy is critical if we are serious about reducing of global warming emissions,” said Assemblymember Linda B. Rosenthal. “Providing homeowners with a financial incentive to transition from dirty energy sources, to solar, wind and other forms of renewable energy will help to hasten our transition to a green economy, reduce pollution and create good jobs.”

The bill, sponsored in the Senate by Andrew J. Lanza, would provide homeowners living in class one, two or four properties in New York City with a tax abatement equal to the lesser of:

• five percent of the cost of the solar panel installation,
• the amount of property taxes payable in the tax year that solar panels are installed or
• $62,500.

Eligible properties include most residential homes, co-ops and condos, rental buildings and commercial and industrial properties.

The bill will extend the tax abatement program for an additional five years, until 2017. Anyone who is interested in installing solar panels on their homes or buildings should contact New York City Department of Finance.