Bill > A07640

This bill amends the New York local finance law by establishing a 25-year period of probable usefulness for solar arrays and solar panel systems. Specifically, the bill allows local governments to finance solar energy infrastructure investments over a 25-year period, which includes not just the solar panels themselves, but also related buildings, land, equipment, machinery, and apparatus. The term "period of probable usefulness" is a legal concept in municipal finance that determines how long a local government can issue bonds to fund a particular type of infrastructure project. By setting this period at 25 years for solar energy systems, the bill provides municipalities with a clear, extended timeline for financing solar energy projects, which could help encourage more renewable energy investments by making such projects more financially feasible. The bill takes effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7640