New Available Savings for New York Solar Energy Installations
Tuesday, September 11th 2012 9:14 AM
By GetSolar Staff.
While the installation of photovoltaic panels and solar hot water systems can help to drastically reduce the energy bills of a home or business, many people shy away from solar power due to a perception that an installation will be costly. Federal and local level incentives, plus a decrease in the cost of solar equipment over the past several years, has helped to make solar power a more affordable option. Now, a variety of new tax credits has been made available in New York to make solar energy even more affordable.
In August, New York state enacted new pieces of legislation that make it more cost effective to install solar panels in the state. One of the new laws provides for an addition $107 million for encouraging new installations. In addition, commercial installations will be completely exempt from state sales taxes and homeowners can now receive a yearly tax credit of up to $5,000 for a new PV project, Bloomberg News reported.
Among the new laws passed is an extension of the property tax reduction in New York City. Property owners in the Big Apple now have at least two more years to take advantage of a 2.5 percent tax break for photovoltaic installation. The program was supposed to expire by the end of this year but is now available until 2015, according to Bloomberg.
The newly available tax credits "make solar energy in this state significantly more affordable to homeowners and businesses, and also will accelerate the existing development of jobs in the solar industry," said Robert Hallman, the New York governor's deputy secretary for energy and the environment, according to the Poughkeepsie Journal.
New Commercial Tax Credits for Ulster County One New York county wants to step even further toward making solar power a more affordable option. Ulster County may soon eliminate its 4 percent sales tax on the purchase and installation of new solar power equipment, according to the Times Herald-Record.
County Executive Mike Hein told the news source that Ulster County wants to remove barriers preventing the proliferation of renewable energy sources in the area, and to help spur business for those employed in solar energy-related jobs.
The county has 370 solar power installations, the most of any county in the state. In addition, the area is home to numerous solar panel installers and manufacturers, according to the Saugerties Post Star.