Incentives & Energy Savings of Solar
The incentives and tax credits available make solar more affordable then ever. The New York State Energy Research and Development Authority (NYSERDA) incentives can drive down the cost of our solar installation by up to 40%. Then what is left, your “out-of pocket” expense, is subject to a 30% federal income tax credit and a 25% New York State income tax credit. That means a total savings of around 66% off of the original price! What this means for you is a sound financial investment for you and your family’s future, as well as a huge benefit to the environment.
The New York State Energy Research and Development Authority (NYSERDA) through Program Opportunity Notice (PON) 2112 is currently offering Incentives for installing Solar Photovoltaics that, as stated before, will pay for up to 40% of a system installation. This incentive is only available through a NYSERDA recognized installer, which we are. Once your system is designed and you have chosen size, location, system type,etc. we will process all of the paperwork involved with obtaining this incentive. This paperwork along with your utility interconnection paperwork is all included in the cost of the system and will be handled by us.
The New York State Tax Residential Solar Tax Credit (IT-255) grants the residential end user a 25% New York State Tax Credit on the cost of your system AFTER the NYSERDA incentive has been subtracted. The cap on this system is $5000 and you are given 5 years to use up the total credit. This credit applies to both Solar Photovoltaics (PV) and Solar Thermal.
tax Credit & Savings
The Federal Residential Renewable Energy Tax Credit applies to Solar Photovoltaics (PV), Solar Thermal, Wind, Geothermal Systems, and Fuel Cells. This is a 30% Federal income tax credit with no limit on amount. You are given 5 years to use this credit and just like the NYS credit it is calculated after the NYSERDA incentive has been subtracted.
When you install solar panels at your house you will start to save with your very first electric bill. Having solar panels can reduce your electric bills by a significant amount, especially with NY solar rebates. Every watt-hour of electricity your panels produce is one less watt-hour you have to purchase from the utility company.
You can also lock in your own electricity prices for the future. This means that if electricity prices go up your savings will go up. And unlike most home improvements which depreciate in value with age – solar panels will increase in value over time as electricity prices rise.