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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 Federal 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 Credit, 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 residential rebates of $1.75/watt up to 7 kW for the total installation cost of solar systems. The total rebate can¡¯t be exceed $10,500 and is determined by sector, installed capacity, and system type. The State Rebate Program will be expired on Dec.31, 2015.
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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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