January 17, 2024
2023 was a breakthrough year for New York City’s transition to renewable energy. NYC-based Brooklyn SolarWorks’ CEO T.R. Ludwig says these five key drivers that will transform the city’s use of renewable energy.
City of Yes | City of Yes carbon Neutrality (COYCN) zoning amendment removes barriers to larger solar developments. The changes present opportunities for rooftop solar development on more than 50,000 buildings and more than 1 million homes in NYC. In addition, 8,500 acres of parking lots will be re-zoned to allow for solar installations – that’s 10x the acreage of Central Park! Learn more about City of Yes Carbon Neutrality here.
New York City’s Solar Property Tax Abatement | New York City is offering a 30% Property Tax Abatement (PTA) – an increase from a previous 20% PTA – which covers 30% of solar panel installation costs for both residential and commercial property owners who choose to install solar systems. Learn more about NYC’s Solar Property Tax Abatement here.
Local Law 97 | Extra incentive comes just in time to grant financial assistance to property owners complying with the carbon emission limits set by NYC Local Law 97 which takes effect in 2024. LL 97 limits emissions for buildings greater than 25,000 square feet and requires them reduce their emissions by 40% by 2030, and by 80% by 2050, or face penalties. Learn more about LL 97 here.
Low Income Communities Bonus Credit | The Low-Income Communities Bonus Credit Program has extended the Inflation Reduction Act’s investment tax credit to refund the cost of at least 30% and up to 70% of homeowners’ solar facilities. This bonus credit will expand the opportunity for low to moderate income families to affordably install solar on their homes effectively expanding access to clean energy. Learn more about Low-Income Communities Bonus Credit Program here.
Job Creation | Economic opportunity in the form of job creation will expand dramatically. The rising demand is being felt by the city’s developers and installers with the city’s comptroller predicting the creation of 13,000 clean-energy jobs over the next 8 years. Learn more about solar installers in NYC here.