Incentives
At present there are several incentives available to help promote the use of Solar Power.
Tax Credits
New York State tax credit of 25% of system cost capped at $5000.
Federal tax credit: View IRS.GOV for up-to-date federal tax credit information – Residential Clean Energy Credit
Small businesses, farms and other such entities may also be eligible for other funding from the USDA Rural Development Program.
Sample System
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 $17,500 to $21,000 prior to any tax credits or incentives.
Apply 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!)
“I’d put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that.”