The Sun. Clean, Safe,
Renewable. Why Not?
Why Solar in New York State
If you’re thinking that only California and the Southwest United States can reap the rewards of solar energy,
it’s time to reconsider that thought. Generous state incentive programs, strong net-metering support, utility
rates that are some of the highest in the U.S., and an ample, year-round solar resource gives home and business
owners in New York State plenty of opportunities to plug into affordable solar energy. In other words,
the cost benefit analysis of utilizing solar in the New York makes great financial sense for many customers.
Germany is currently a world leader in per capita solar adoption with even less sunshine potential than we enjoy in
the Northeast U.S. This is due to some of the same characteristics prevalent in our region such as progressive government subsidies and high utility rates.
Solar Photovoltaic Systems (Solar PV) have never been less-costly and of better quality than today.
When factoring in the generous incentives, the total out of pocket costs are drastically reduced.
When coupled with savings in electricity costs, the payback period can be short. The same economics exist for developers of
New York State Community Shared Solar projects
which allow customers to purchase the solar power at competitive rates.
Solar Financial Incentives
and Financing Options
The available financial incentives for solar are vast. We can explain these incentives in a
simple and easy to understand format. As each individual and business situation is different,
some of these incentives may involve the need of consultation with your tax professional.
The essential financial and tax incentives are explained below:
- 30% Federal income tax credit (individual and business).
Customer takes advantage of this benefit which is applied against
the total solar installation cost on filing of income tax return.
This is arguably the most important incentive for solar power as it
is a dollar for dollar credit against your tax and not a deduction
against your income.
- State income tax credits. These will vary by state. For
example, New York State allows for a 25% state income tax credit,
up to a maximum of $5,000, for individuals only.
- State rebates and grants. These vary by state as well.
As an offset to your upfront cost, many states have programs
available for individuals and businesses. In New York State,
NYSERDA through its NY-Sun program has incentive programs that
support solar projects for homes, commercial and industrial
companies, multifamily buildings, small commercial, not-for
profit and municipal buildings. BlueRock Solar is here to explain these programs
and we will handle the necessary paperwork and compliance involved
as a value-added benefit.
- Accelerated tax depreciation. For businesses, solar installations
qualify for accelerated depreciation over a 5- year period providing
further savings when valuing the investment on after income tax basis.
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- Sales tax savings and property tax exemptions.
Where available, these incentives will vary by state
and local taxing authorities. In the State of New York,
solar installations are exempt from state portion of sales
tax and some, but not all local municipalities in the state
also exempt the local portion of the sales tax. New York State also
allows for a 15-year property tax exemption as it relates
to the cost of the solar system installed at your house
While these incentives may seem complex, BlueRock Solar can help you understand how they work and ultimately lead to an investment that reaps great benefits through electricity cost savings. These incentives also apply to developers of Community Shared Solar projects, reducing the cost of electricity for customers.
of Going Solar
There are many advantages when considering solar energy, specifically when compared to oil energy.
Not only is solar energy more cost effective in the long run, but it also benefits the environment. Consider the following:
Solar Reduces Pollution
Creating electricity from solar energy reduces the need to burn fossil fuels such as oil and coal. This leads to a decreased amount of air pollution and greenhouse gasses, which leads to happier and healthier lives.
Solar is Free
Beyond initial installation and maintenance, solar energy is free to consumers, and better yet, the government has no practical way to tax.
Solar is a Plentiful Resource
Solar energy is a form of renewable energy and therefore won’t be at risk for running out. Sure, not every day is a sunny day but solar energy consumers are able to store energy to use on those days and/or supplement with other fuel sources.
Solar is Quiet
Solar cells don’t add to the noise pollution. Unlike the extremely noisy machines utilized for pumping oil, solar cells make no sound while extracting useful energy from the sun.
Solar is Good for Business
For many businesses, reducing its “carbon footprint” also helps send a powerful message to its customers by demonstrating their commitment to protecting our planet.
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