At present there are several incentives available to help promote the use of Solar Power.
NYSERDA cash incentives
Residential – $0.80 per DC watt with a maximum of 25KW
Commercial – $0.80 per DC watt up to 50 KW and $.60 per watt from 50KW to 200KW
New York State tax credit of 25% of system cost capped at $5000. (Expires in 2016)
Federal tax credit of 30% of system cost with no cap. (Expires in 2016)
Small business’s, farms and other such entities may also be eligible for other funding from the USDA Rural Development Program
An average home in the Upstate New York Catskill or Leatherstocking Region will require about a 7KW Photo Voltaic System.
A 7KW (7000 watts) Photo Voltaic system can be installed on the roof of your home at a cost of $24,500 to $31,500 prior to any tax credits or incentives.
Apply NYSERDA funding, 25% NY State tax credit and a 30% Federal tax credit
Your final cost can be as low as $7,875.
This translates into a return on your investment of 7% (Not a bad investment)
If current trends continue, in 25 years the cost of electricity could easily be $.50 per kilowatt hour in our area. (In some parts of NY the cost already exceeds $.25 per KWH). However in the above example, over the expected life of a Photo Voltaic System, the price you pay today would equal $.03 per kilowatt hour over the life of the system.