RELI: Press Releases

More Tax Savings For Solar Roofs
NYS Solar Income Tax Credit Increases to $5,000 as of September 1st

As of September 1, 2006, homeowners who install solar electric panels are eligible for an expanded New York State Income Tax Credit of up to $5,000. Combined with a recent Federal Tax Credit and cash rebates from LIPA these incentives lower the cost of a solar electric system substantially.

“Long Island with its high electric rates and abundant sunshine has always been a great place to go solar,” said Gordian Raacke, Executive Director of Renewable Energy Long Island (RELI), a not-for-profit clean energy advocacy organization. “This new State tax credit, coupled with the new IRS tax credit and LIPA’s rebates makes owning a solar electric roof an even better proposition”.

The NY State Income Tax Credit is available to homeowners who install a grid-connected solar electric system on their primary residence, and is based on the size of the system with a maximum tax credit of $5,000 (up from $3,750 previously). The Federal Income Tax credit is available since January 1 until the end of 2007. The IRS credit is 30% of the net system cost, with a $2,000 limit for residential installations and no limit for businesses. These tax credits come in addition to a LIPA rebate of up to $37,500.

A typical residential 5 kW system that would normally cost about $37,000 will have a net cost after the available rebates and tax credits of only about $13,000, or about 1/3 of the normal cost. Such a system could generate more than $31,000 of electricity over 25 years assuming electric rates stay at 20 cents per kilowatt-hour.

There are already 735 solar electric systems installed all over Long Island.

RELI is organizing a free, open house tour on Saturday, October 7, featuring many of these installations.

Anyone interested in obtaining more information about solar panels, cost and rebates, and a listing of solar contractors can visit RELI at www.RenewableEnergyLongIsland.org or call 631-537-8282.

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RELI is a 501(c)3 not-for-profit membership organization promoting clean,
sustainable energy use for Long Island.
Gordian Raacke, Executive Director, Renewable Energy Long Island
62 Newtown Lane, Suite 103
East Hampton, NY 11937
Phone: 631-329-8888 Fax: 877-619-5572
info@RenewableEnergyLongIsland.org www.RenewableEnergyLongIsland.org