State Rebate for Long Island Residential Solar Panel Installation and Renewable Energy Usage
The state of New York provides a grant for residential renewable energy installations.
Federal Tax Credit for Long Island Residential Solar Panels and Wind Energy
The federal government provides excellent savings on Long Island solar power and renewable energy installations via a federal tax credit. Eligible renewable energy installations – such as solar photovoltaic, solar hot water heating, and wind turbines - are eligible for a federal tax credit in the amount of 30% of the cost of the project.
Generally speaking, this 30% tax credit would be taken on the net out-of-pocket costs (i.e., the total price of the installation project, minus any subsidized energy financing – such as state grants, below market loans, and tax preferred bonds). However, there may be some opportunities to use the gross cost of the project as the basis for taking the tax credit. Consult your tax professional to understand the best way to utilize the tax credit. (Further information about the ARRA available from Solar Energy Industries Association: Guide to Recovery Act).
Note that a federal tax credit is different than a federal tax deduction. A deduction of $5,000 means that if an individual or business had $60,000 of income, they would only pay taxes on $55,000. A tax credit of $5,000 in the same situation means that the final amount owed in taxes is reduced dollar-for-dollar by $5,000 (e.g. the person would have owed approximately $15,000 but now only owes $10,000). Because federal tax credits are available for New York solar electric and wind power usage – rather than simple deductions – you will enjoy even greater financial incentives for adding renewable energy to your home.
Utility Bill Savings for Long Island Solar Power and Wind Energy Customers
Naturally, one of the most compelling reasons to convert to renewable energy is the money you can expect to save on every subsequent power bill.
In short, every kilowatt hour that you produce by installing Long Island solar panels or wind turbines is one less that you need to buy from your utility company. (Note the difference between "kilowatts" and "kilowatt hours." A "kilowatt" - which describes your solar system size - is a unit of rate, denoting the rate at which the sun's energy is converted by solar panels. A "kilowatt hour" refers to an amount of energy; your total savings are based upon this number, as a function of the overall amount you generate.)
Nearly every state has a Net Metering law, by which your electric meter is able to spin forward or backward, depending upon the amount of energy intake or output at any given time. Whenever the power generated by your solar panels or wind turbines exceeds demand, this extra amount is sent back into the power grid and your meter spins backward accordingly.
Therefore, your utility bill savings can be calculated as a product of the total amount of renewable energy you generate in a year in kWh, multiplied by the rate that your local utility charges per kWh. Because these prices steadily rise, the savings you'll see by producing power through renewable sources like solar will increase over time.
Hurry! Don't miss this exceptional window of opportunity to let renewable energy work for you. Contact Clean Energy USA toll-free at (866) 974-2904 to find out more about how you can start saving money with New York solar or wind power in your home.