Tuxedo Town Council member and liaison to NTRA, Michele Lindsay, has been working hard to arrange an informational presentation about the benefits of home solar power generation and the tax incentives that are currently available to Orange County residents through the Orange County Planning Department’s sponsored program. There will be an NYSERDA-approved installer to present the incentives and answer questions.
In order to receive the state and federal incentives, people just need to sign up by September 15 for an installer to check their house and prepare an estimate. When people sign up, there is no obligation to purchase.
See below for more information on solar. Feel free to forward this notice to neighbors and friends.
Energy from the sun! Sounds like a good thing. Come learn more.
The NTRA Executive Committee – Ken, Claudia, Bahar
Northern Tuxedo Residents’ Association
PO Box 484
Tuxedo NY 10987
Good Things to Know about Renewable Solar Energy
- The “NYSERDA incentive” directly reduces the cost of your system and is paid to your installer. It is currently 40 cents per installed Watt. For an average size system (7kW = 7,000W), that is $2,800. The incentive was enacted to spur the marketplace and is designed to taper off. Likely by mid-2017, the incentive will drop to 30 cents.
- Tax credits available to home & business owners: Federal Investment Tax Credit: 30% of the installed cost of a solar system (no cap). You may claim the credit over multiple years. For both residential and commercial property owners. Applies to 2nd homes as well as primary residences. New York State Residential Solar Equipment Tax Credit: an additional 25% of the installed cost of a solar system ($5,000 cap). You may claim the credit over 5 years. Does not apply to 2nd homes. Does cover condo/co-ops up to 50 kW. If you lease a system, you receive the State tax credit, but the leasing company collects the federal tax credit.
- Property tax exemption: Solar systems will not add to the taxable value of your home in NY State. To assure your tax exemption, your installer will provide you with NYS tax form RP-487 “Application for Tax Exemption of Solar or Wind Energy Systems or Farm Waste Energy Systems.”
- Sales tax: in Orange County, there is no sales tax charged on residential solar PV systems.
- A solar system will likely add to the value of your home. A 2015 study by the Lawrence Berkeley National Laboratory reported on sales data for almost 23,000 homes in eight states and found that home buyers were willing to pay a premium of about four additional dollars per watt of solar power. That would be a home value increase of $28,000 for a 7kW system.
Solar and wind energy will dominate our energy future because they are technologies…not a fuel.