Photovoltaics or PV is a renewable energy source that produces clean, reliable electricity to power your home or business.
Purchasing a PV system can be one of the most exciting and intelligent decisions you can make as a homeowner or businessperson. Solar is an investment that can pay you back with energy savings as well as peace of mind.
New York State and the Federal Government are promoting renewable energy to diversify our nation’s energy mix as well as create lasting jobs. State Rebates, Federal Grants, Income Tax Credits, and Low Interest Loans are available.
The New York State Energy Research and Development Authority (NYSERDA) provides Rebates for grid-tied PV systems.
- For Residential Installations, the NYSERDA rebate is $3.00 per watt for the first 4 kW plus $2.00 per watt for additional watts up to 8 kW.
- For Commercial Installations, the NYSERDA rebate is $3.00 per watt for the first 40 kW plus $2.00 per watt for additional watts up to 80 kW.
- For Schools, Non-Profits, and Municipalities, the NYSERDA rebate is $5.00 per watt up to 25 kW.
The recent American Recovery and Reinvestment Act has increased the Federal Solar Income Tax Credit to 30% of system cost.
Commercial customers may choose to receive a Federal Grant in lieu of the Income Tax Credit as well as take advantage of a 50% bonus depreciation in the first year.
The NYS Solar Income Tax Credit is 25% of system cost (after NYSERDA rebate) and is capped at $5,000.
New York Energy $martSM offers a Low Interest Loan that allows you to borrow up to $20,000 for 10 years to help pay for a PV system. Loans are offered through local lending institutions at an interest rate 4 percentage points lower than current home equity rates.
Your PV system will increase the value of your property without increasing your property tax burden. PV is one of the few home improvements that can be justified in terms of return on investment. Payback has been slashed to just a handful of years!
As part of our service, SOLARgeneration handles the NYSERDA Rebate application. The customer is responsible for filling out loan paperwork and tax information.
Example:
- A 4 kW PV system costs approximately $38,000 installed.
- NYSERDA Rebate of $3.00 per watt totals $12,000.
- 30% Federal Income Tax Credit totals $11,400.
- 25% New York State Tax Credit totals $5,000.
- Total system cost after rebates and tax incentives is $9,600.
With a New York Energy $martSM low interest loan, the payment on a $9,600 system would be approximately $90 per month. Keeping in mind the savings reflected in your electric bill, the monthly payment could be as low as $10 per month.
