Many people see solar electricity as a viable alternative to traditional utility provided grid power. However many home and business owners have been turned away due to the perception of solar as a high-cost, high-tech investment. This is no longer the case. Recent years have seen advances in solar power production that have resulted in dramatically lower costs. In addition, government and utility rebates have remained robust and result in a solar electric systems being installed at a fraction of the sticker price across the US.
Long Island is no different. Efforts from the Long Island Power Authority (LIPA) and the Long Island Solar Energy Industries Associations (LISEIA) have ensured that LIPA customers can benefit from upfront rebates if they choose to go green and install solar. Obviously no solar system is the same and prices vary, but this rebate can typically account for between 25% and 33% of the system price. Established contractors are able to accept these rebates as payment, meaning that customers do not need to come up with this money up front.
Once the solar panel Long island system is installed both residential and commercial customers are able to take the 30% federal tax credit when they later file their taxes. Residential customers can take a New York State tax credit of 25% (capped at $5000) and commercial customers can accelerate the depreciation of their system using the MACR's model.
This cocktail of incentives helps to make solar electric systems vastly more attractive to the potential customer. They decrease the out of pocket expense and greatly increase the return on investment. If the customer can benefit from all the above credits and rebates, and it is always important to check with a tax professional beforehand, the payback period for the investment is reduced to a few years.
That is the essence of a solar energy investment and people will get the opportunity to live in a sustainable manner. Will customers continue to pay for their electricity from a utility in monthly increments knowing that this cost is ever increasing and never ending? Or would they rather lump a few years of these payment into one sum, install a solar electric system and never have to worry about these costs again? This investment will also add value to your real estate and increase its appeal to potential buyers. Which house would a buyer rather live in, one that comes with a lifetime's supply of free energy or one that still draws from the utility's grid? Obviously they will go for the one with Long Island solar energy because it will assist them to save a huge amount of money in the long run and stay away from hassle.
Long Island is no different. Efforts from the Long Island Power Authority (LIPA) and the Long Island Solar Energy Industries Associations (LISEIA) have ensured that LIPA customers can benefit from upfront rebates if they choose to go green and install solar. Obviously no solar system is the same and prices vary, but this rebate can typically account for between 25% and 33% of the system price. Established contractors are able to accept these rebates as payment, meaning that customers do not need to come up with this money up front.
Once the solar panel Long island system is installed both residential and commercial customers are able to take the 30% federal tax credit when they later file their taxes. Residential customers can take a New York State tax credit of 25% (capped at $5000) and commercial customers can accelerate the depreciation of their system using the MACR's model.
This cocktail of incentives helps to make solar electric systems vastly more attractive to the potential customer. They decrease the out of pocket expense and greatly increase the return on investment. If the customer can benefit from all the above credits and rebates, and it is always important to check with a tax professional beforehand, the payback period for the investment is reduced to a few years.
That is the essence of a solar energy investment and people will get the opportunity to live in a sustainable manner. Will customers continue to pay for their electricity from a utility in monthly increments knowing that this cost is ever increasing and never ending? Or would they rather lump a few years of these payment into one sum, install a solar electric system and never have to worry about these costs again? This investment will also add value to your real estate and increase its appeal to potential buyers. Which house would a buyer rather live in, one that comes with a lifetime's supply of free energy or one that still draws from the utility's grid? Obviously they will go for the one with Long Island solar energy because it will assist them to save a huge amount of money in the long run and stay away from hassle.
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