Long Island residents who get in on the FIT program are eligible to also receive any state and federal tax grants or incentives which can be used to either finance the system or reduce the cost of the system. They will need to follow the rules that are in place to take advantage of these financial incentives, which include grants, tax credits, accelerated depreciation, and other possibilities. An exception is that LIPA-funded incentives or grants may not be used in conjunction with the feed-in tariff program.
New York is currently sponsoring several solar initiatives, in addition to the new FIT program. Among them are the three bills recently signed by Governor Cuomo which provide solar incentives.
• One bill provides tax credits to New York residents who install solar energy equipment.
• A second bill directs incentives at tax abatement for solar energy systems installed in cities with populations of over 1 million.
• A third bill grants a state sales exemption on the sale and installation of commercial solar systems and permits municipalities to extend an exemption, as well.
New York is 6th, as far as the number of solar PV systems installed; almost 7,500 solar installations have been completed in the state. The systems have the combined capacity to produce 121 megawatts of solar energy, which is enough to provide power for approximately 20,000 homes of average size.
While it’s true that the new FIT program requires solar systems to be of a minimum size that’s too large for individual homes, something everyone can celebrate is the green impact the program has and that it moves New York in the right direction toward cleaner energy. And more good news is that there are incentives available which do benefit homeowners and equip them to go green while at the same time reducing energy costs.
To find out how you can benefit from the Long Island FIT program and to learn more about Long Island, NY solar incentives and installation, visit the NASS member Solar Store at Bohemia, NY located on Long Island.
If you are in Upstate New York and are interested in other NY solar incentives and installation, visit the NASS member Solar Store at Lake Champlain, NY located in Plattsburgh, NY.