Tax Break For Solar Panels In NYC Approved

ALBANY, N.Y. (CBSNewYork/AP) - Gov. Andrew Cuomo has signed a law to extend property tax breaks for installing electricity-generating solar panels on New York City buildings.

Assembly member Linda Rosenthal, a Manhattan Democrat and sponsor, says the action extends the existing incentive program to 2017, doubles the possible tax break and helps promote a green economy.

It's also meant to offset the 25 percent higher cost of installing solar capacity in the city due to stringent regulations and the complexity of building sites.

Sponsors say eligible properties include most homes, co-ops and condos, rental buildings and commercial and industrial properties.

The tax break is the lesser of 5 percent of the solar panel installation cost, property taxes the year panels are installed, or $62,500.

Homeowners apply to the city finance department.

You Might Also Be Interested In:

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)