Solar Power Rebate Program Announced
Solar Power Rebate Program Announced
NYSA (New York Solar Authority) is offering a proportional rebate of $1,000 for each kilowatt, up to a maximum of $10,000 for 10 kilowatts of installed solar photovoltaic (PV) solar capacity, for commercial, institutional and residential PV customers of NYSA. The NYSA Rebate Program focuses its emphasis on initiating and expanding solar electric power technology in Rockaway.
While both Rockaway and Long Island comprise the LIPA customer base, Long Islanders represent the vast majority of LIPA customers taking advantage of the rebate money from the LIPA Solar Rebate Program to date. Long Island businesses and homeowners have already been allotted solar rebates for over two hundred solar PV installations; while Rockaway will only see its first solar PV installation energized this month. NYSA is performing the ground breaking solar power project for a homeowner in Neponsit.
Rockaway homeowners, businesses and institutions need to realize that there is a generous LIPA rebate money pool available to them as LIPA customers, so NYSA is providing outreach support to the citizens of Rockaway, so they can request and obtain rebates at the same pace and quantities as their Long Island counterparts.
Both the NYSA and LIPA Rebate Programs will only remain available at $1,000 per kilowatt, and $5,000 per kilowatt respectively, until a total of 500 kilowatts have been installed. The next 1,000 kilowatts of solar PV installed under the LIPA Program will be reduced to a rebate amount of $4,000 per kilowatt, capped at $40,000 for 10 kilowatts. However, the NYSA Rebate Program will remain unchanged from the initial rebate offer levels of $1,000 per kilowatt, capped at $10,000 for 10 kilowatts during this phase of solar PV power facilities expansion.
Business customers of the commercial, institutional and multi-family residential sectors who install solar PV systems for their facilities, are eligible for Federal IRS "Investment Tax Credits For Solar Energy Property," of up to 10% of the cost to install solar PV power for their businesses, in addition to the NYSA and LIPA rebates. The Federal IRS "5 year Accelerated Capital Depreciation For Solar Energy Property" is offered to any commercial business entity that invests in or purchases qualified solar energy property.
At the New York State level, business customers of the commercial and multi-family residential sectors, are eligible for "New York State Green Building Tax Credits" of 25% taken at 5% per year for five years, based upon the incremental cost of installing solar PV power systems.
Residential customers installing solar PV power for their homes are eligible for a "New York State Income Tax Credit For Solar Electric Generating Equipment" of up to $3,750. Homeowners are also allowed to apply for a fifteen year "New York State Tax Exemption," whereby they are exempt from any increased reassessment related to the increase in property value due to installing solar electric power for their homes.
Michael Oberstein, CEO of NYSA, and a 25-year veteran of the solar power and energy management industries says "business owners and homeowners in Rockaway and Long Island should be elated by the direct financial incentives available to them. They will help forge the way toward energy independence and improved air and environmental quality for themselves, their communities and our country, now, and for future generations."
Oberstein added, "NYSA personnel have postured themselves at the forefront of the Solar PV Power Era. They were instrumental in the design and construction of over 440 kilowatts of solar PV power for large-scale demonstration projects in New York. NYSA constructed a 332-kilowatt solar PV power system at the Gun Hill Bus Depot in the Bronx for MTA/New York City Transit, and a 111-kilowatt solar PV system for the Yonkers Wastewater Treatment Facility during 1997. These two projects have been extensively monitored for performance, served as the groundwork for the PV power expansion we are experiencing in New York’s commercial and residential markets to