"Solar energy could be an incredible vehicle for economic development. We are so pleased to see New York State making a commitment to growth in this sector."
-John Wright, Hudson Solar
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Albany, New York (PRWEB) May 04, 2013
Just last week on Arbor Day, New York State announced new legislation to extend the NY-Sun Initiative for another decade. The New York Solar Bill (S.2522) represents policy geared toward job creation, lower solar costs, and increased access to energy independence through a public-private partnership. Coupled with the Federal Tax Credits and State tax benefits, the bill represents tremendous potential for economic growth in the solar industry and statewide. According to a report released by the Solar Energy Industries Association, there are now more solar employees than actors in California or ranchers in Texas. “New York State, we hope, will soon follow,” says John Wright, Vice President of Hudson Solar.
“Our customers are enjoying sales tax exemptions, State grants, corporate tax credits, personal tax credits, low interest rates, and generous grant and rebate programs,” shares Wright, “not to mention the ability to sell excess energy back to the utility company and the incredible resale potential for an energy efficient property. Now, we also have a solidified long-term commitment from the State with this legislation, which will keep costs down for another 10 years. Once customers sit down with us and assess the overall financial benefits of going solar because of the countless incentives available to them, it is an absolute no-brainer.”
“The tax benefits, for example, translate to dollar-for-dollar tax credits. In contrast to deductions, credits literally put money back in the pockets of those who can claim them. The tax credits associated with going solar are one of the only ways to substantially lower a tax bill or increase the amount of a refund, reducing tax liability directly,” he continued.
The Federal Tax Credit, available for anyone who purchases a solar energy system before the end of 2016, allows qualified individuals to claim 30% of the total cost as a tax credit. The credit is available whether the system is installed on your primary residence, a second home (if it is not solely used as a rental property), and has no limit in terms of dollar amount. Whether the system costs $20,000 or more, one can claim the full 30% as a Federal Tax Credit, translating to big savings.
On a State level, there is access to even more incentives when transitioning to solar power. New York State Tax Credits allow for up to 25% of the total costs (up to $5,000) to be claimed. The systems are exempt from state and local sales tax, and some local governments allow for property tax exemptions as well. An added bonus for both Federal and State Tax Credits is that excess credits can be carried forward into the future.
The financial rewards of going solar continue beyond the tax advantages. Owners of solar systems obtain the paybacks of net metering, which allows for the sale of excess energy to utility companies, and, of course, increased home value. “From a tax standpoint, going solar is clearly a fiscally responsible decision, but the technology really has financial advantages on every level,” shares Michael Bucci, CPA, of Pattison, Koskey, Howe, and Bucci CPAs in Hudson, NY.
And now, with the recent announcement of another ten years for the NY-Sun Initiative to provide increased savings, job development, and economic growth, it is clear that solar energy could be an engine for prosperity in New York State.
Hudson Solar is a local, family-owned solar provider based out of New York and proud employer of military veterans. This year they are celebrating their 10th anniversary with over 1,000 systems installed. Serving New York, Western Connecticut, Western Massachusetts, and Southern Vermont, Hudson Solar is the leading renewable energy company in the region. They take great pride in offering the best quality and service, and back it up with years of experience and many awards. For more information, please visit hudsonsolar.com or call 866.452.7652.