NY: Lawmakers considering tax credit for energy storage


New York is now considering two bills (S. 5744, A. 7762) that would establish an income tax credit for residential energy storage systems on a taxpayer’s primary or secondary residence. The credit is equal to 25% of the purchase and installation cost, not to exceed $7,000. The proposed incentive is apparently only available for customer-owned storage systems, as the bill refers to the purchase and installation of a qualifying system by the taxpayer at the taxpayer’s primary residence.