Long Island Solar Incentives Summer 2010

Here Comes the Sun

June 24, 2010

By Jaclyn Gallucci

So the Jones Beach Water Tower has been under renovation for quite awhile now, however still going quicker than Trump on the Ocean across the street. And if you’ve passed by lately, you know the top is off, which is just a photo op begging to happen. Unfortunately as we got closer in an attempt to climb to the top of it, we realized it was a little taller than we thought and there’s not much to grasp. And if you’ve passed by lately, you also know the speed limit is even lower now, new signs are posted and there are cops everywhere, waiting for people like us to fly by at lightning speed—25 mph—or attempt to climb the iconic Jones Beach water tower top. So we gave up. What does this have to do with green? Absolutely nothing. So, on to solar panels.

As of June 22, Long Island homeowners have an opportunity to go solar through a new community-based program offering group discounts. Run by One Block Off the Grid (1BOG) and NY-Mercury Solar. Basically homeowners who sign up for free membership to the 1BOG campaign get a 15 percent group discount from standard rates for an average payback time of less than five years. It’s kind of like a solar co-op. Everyone in the group pays the same price per watt—and the price is fixed. You get a personal solar adviser and access to online tools and discussions. The Long Island 1BOG program is available now to local homeowners throughout the entire Long Island area through September 22, 2010. And it also qualifies you for some pretty fabulous discounts.

30 PERCENT SOLAR FEDERAL TAX CREDIT
The Federal Investment Tax Credit for solar has been beefed up by both last year and this year’s stimulus packages, making 2010 a great year to go solar. This is a tax credit, better than a deduction because it counts against the taxes you already owe the IRS, equal to 30 percent of your out-of-pocket expense for solar.

NEW YORK RESIDENTIAL SOLAR TAX CREDIT
Regardless of where you live, you are eligible for the New York state residential solar tax credit covering 25% of your out of pocket costs, up to a maximum of $5,000 and/or a 10kW system. This tax credit can be rolled over for up to five years if you do not use it all the first year.

LIPA SOLAR PIONEER REBATE PROGRAM
Because your electricity comes from the Long Island Power Authority (LIPA), you are eligible for a utility incentive called the Solar Pioneer Rebate Program. Right now this cash rebate would subsidize 40 percent of your out-of-pocket costs up to $20,000.

TAX EXEMPTIONS
Finally, solar panels purchased from vendors on Long Island are exempt from sales tax, and exempt from property taxes for 15 years, saving you money while simultaneously increasing the value of your home.

For more information, details about pricing and products or to sign up, visit the 1BOG Long Island homepage at http://SolarLongIsland.1BOG.org/.