Installed Cost (assumes $5.50/watt) $27,500
LIPA Rebate (at $2.50/watt) or up to 50% of install -$13,750
Cost to Customer $13,750
NYS Tax Credit (25% of subtotal) -$ 3437
Federal Solar Tax 30% Credit -$4125
Final customer investment = $6152!
Years to recoup investment 4.6 years
LIPA Rebate (at $2.50/watt) or up to 50% of install -$13,750
Cost to Customer $13,750
NYS Tax Credit (25% of subtotal) -$ 3437
Federal Solar Tax 30% Credit -$4125
Final customer investment = $6152!
Years to recoup investment 4.6 years
For example:
How much does a 5000 watt PV system cost?
Annual production of 6323 KWHs.
Savings of $1328.00 annually on your LIPA bill!
How much does a 5000 watt PV system cost?
Annual production of 6323 KWHs.
Savings of $1328.00 annually on your LIPA bill!
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Extends for the next 8 years a 30% tax credit for residential and commercial solar
installations
Eliminate the flat $2,000 cap for residential solar electric installations, replacing it with
a 30% tax credit effective for qualified renewable energy systems installed after
December 31, 2008.
Eliminates the prohibition on utilities from benefiting from the credit
Allows Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take
the credit
Authorizes $800 million for clean energy bonds for renewable energy generating
facilities, including solar
IRS Form 5695 for Residential Energy Tax Credits
installations
Eliminate the flat $2,000 cap for residential solar electric installations, replacing it with
a 30% tax credit effective for qualified renewable energy systems installed after
December 31, 2008.
Eliminates the prohibition on utilities from benefiting from the credit
Allows Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take
the credit
Authorizes $800 million for clean energy bonds for renewable energy generating
facilities, including solar
IRS Form 5695 for Residential Energy Tax Credits
