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Green
energy rebates and
incentives are provided
by Federal, State and City/County for both
residential and
commercial solar energy
systems. In addition,
the state offers full
exemption from
its sales tax for
all solar electric
equipment & installation and New York property tax abatement. With state rebates and tax credits, homeowners can significantly reduce the cost of purchasing a solar electric system. The return on your investment (ROI) can be 20% or
more, which comes from the direct saving of your electric bill and all of the following: New York State
Rebate, Federal investment Tex Creidt, New York Tex Credit and New York Property Tax.
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The Federal Tax Credit is 30% of the total solar system installation cost for homeowners and
businesses investment in solar power electric, hot water and space heating.
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25%
Residential
Tax Credit
on the total
costs for a
solar
electric
system and
solar-thermal
system. The
maximum
state tax
credit is
$5,000 per
solar-energy
system, or
an
equivalent
of 10 kW.
Solar
systems
owned by
condominium
or
cooperative
housing
associations
can earn up
to 50 kW
worth of tax
credit.New York residents receive a tax credit towards their
New York State income taxes.
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The State of
New York
offers
rebates of
$3/watt up
to 4 kW and
$2/watt up
to 8 kW for
the total
installation
cost of
solar
systems. The
total rebate
can’t be
exceed
$28,000 and
is
determined
by sector,
installed
capacity,
and system
type. The State Rebate Program
will be expired on Dec.31, 2009.
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Installed
from August
5, 2008 to
December 31,
2010: 8.75%
of system
expenditures
per year for
4 years
(total of
35%);
Installed
from January
1, 2011 to
December 31,
2012: 5% of
system
expenditures
per year for
4 years
(total of
20%).
Systems must
be located
within New
York city
with
a
population
of at least
1 million. $62,500 annually or the amount of real
property taxes owed during a year.
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Section 487
of the New
York State
Real
Property Tax
Law provides
a 15-year
real
property tax
exemption
for solar
and wind
energy
systems
constructed
in New York
State. As
currently
effective,
the law is a
local option
exemption,
meaning that
local
governments
are
permitted
decide
whether or
not to allow
it. |
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No Sales tax
on
residential
solar
electric
equipment
and
materials
purchased. |
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Net Metering
is an
electricity
buying and
selling
policy for
utility
customers
who operate
their own
Photovoltaic
systems.
Photovoltaic
systems are
connected to
the utility
grid. When
solar
electric
systems
generate
more
electricity
than you’ve
consumed,
the power
meter
reverses
direction
and returns
excess
electricity
to the grid.
Customers
may receive
credits at
retail
electric
rates
through this
process of
exporting
extra
electricity.
You could
sell your
excess
electricity
at peak
rates and
buy it back
at off-peak
rates.
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For
additional information,
please visit the
following websites:
http://www.powernaturally.org/Programs/Solar/incentives.asp
http://www.dsireusa.org/incentives
http://www.nyses.org/
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