- Reduces property tax burden for homeowners

- Incentivizes adoption of sustainable solar energy

- Extended through 2034 with increased benefits

In a move to promote sustainable energy solutions, New York City has expanded its Solar Electric Generating System (SEGS) Tax Abatement program. This initiative provides a property tax abatement to eligible properties that utilize solar power systems, reducing their annual tax burden and encouraging the adoption of renewable energy sources.

The SEGS Tax Abatement offers a significant financial incentive for homeowners to embrace solar power. Starting in 2024, the abatement has been increased from 20% to 30% of the solar installation cost, providing even greater savings. This benefit is distributed incrementally over four consecutive years, capped at either the abatement amount, the annual property taxes, or $62,500, whichever is lowest.

To qualify for the SEGS Tax Abatement, properties must be classified as Class 1, 2, or 4 and cannot already receive certain other tax exemptions or abatements. Homeowners can apply for the abatement by submitting the PTA4 form to the NYC Department of Buildings, which determines eligibility and approves the application.

This expanded tax abatement program not only offers financial relief to homeowners but also aligns with New York City's commitment to sustainability and reducing its carbon footprint. By incentivizing the adoption of solar energy, the city is taking a proactive step towards a cleaner, more environmentally-friendly future.

As the demand for renewable energy sources continues to grow, initiatives like the SEGS Tax Abatement play a crucial role in making sustainable solutions accessible and affordable for homeowners. With this program, New York City is leading the way in promoting solar power adoption and paving the path towards a greener, more sustainable city.