Assembly Passes Legislation to Encourage
Investments in Solar Energy & Energy Storage
Assembly Speaker Carl Heastie and Assemblymember Robert Carroll today announced passage of two pieces of legislation to encourage investment in solar panels and energy storage equipment in New York City.
"The Assembly Majority understands how important investment in clean energy is for our state," Speaker Heastie said. "Incentivizing solar power now will create jobs, reduce our carbon footprint and help improve the quality of our environment in the future."
"Clean, renewable energy is critical to reducing our carbon footprint and safeguarding the environment for future generations of New Yorkers," Assemblymember Carroll said. "Extending and strengthening programs that encourage the installation of solar panels and the storage of solar energy will help us achieve those goals."
Today's legislation would extend the existing incentive program that encourages the installation of solar electric generating systems in New York City (A.10150, Carroll). The tax abatement is currently set to expire in 2019, while today's bill would extend it until 2021. The program is aligned with New York's commitment to reducing greenhouse gas emissions and providing cleaner, more reliable power for every New Yorker.
The second bill would provide a tax abatement for electric energy storage equipment for certain properties in a city of one million or more people (A.10410, Carroll). During the early phases of local energy storage market development, a temporary tax abatement would help catalyze energy storage deployment in New York City, drive down installation costs and accelerate the realization of the benefits of solar technologies.