We’ve just updated the New York Solar Incentive and Rebate page, and I gotta say that I’m so proud of my home state of New York for their solar efforts. They rebates and tax incentives are extremely generous right now, but as of this writing in September 2009, the most generous New York state wide solar rebate is scheduled to go away by the end of 2009.
See our New York Solar rebate page for a full breakdown and explanation of the rebates, tax incentives, and payback, but here’s the bottom line:
Say you’re right now paying $150/month in electricity in Brooklyn, New York. (Yeah, there is sun in Brooklyn. Trees grow there, I’m told.) So to offset and almost eliminate that $150/month utility bill, here’s what you happens when you go solar in New York:
- You buy a 5kw (5000 watt DC) system that takes care of 93% of your electric costs for the next 25 years or more. Based on $7.50/watt gross installed price, the cost is $37,500 BEFORE tax incentives and the cash rebate. (Don’t panic!)
- After tax incentives and the New York State rebate, you’ll pay a little over $9,500 and get a payback in 2 to 3 years.
- Your electric bill will be $47 for the entire year. Without solar, it will be $1800 for the year.
- The reason why the net cost is so low is a combination of state and federal tax credits, property tax abatement, and a huge $14,000 cash rebate from the State. The payback is fast because of all of that plus the savings in your utility bill. Did I mention it’s only $47 a year with solar? It’s worth repeating.
- Again the full story and example is on our New York page.
Sadly, this very generous rebate disappears at the end of 2009, and as of this writing in September 2009, we’ve heard of no rumblings from the legislator that they will fund the rebate past then. So if you’re going to go solar in New York and you’ve got some home equity, now is definitely the time to get some quotes from one of our installers.
I kid thee not. I swear on the hole of an H & H New York bagel with a cream cheese shmear, right now is the best time ever to go solar in New York and that there is no guarantee that you’ll ever see these kinds of incentives again past 12/31/2009. So if your house is right for solar, go for it.
Last modified: March 1, 2014