New York State Tax Credits for Energy Efficiency

In addition to the Federal Tax Credits for energy efficient home improvements listed in yesterday's post, there are additional credits available to homeowners at the local level. Following are some of the credits available to homeowners in New York State:

Solar and Fuel Cell Tax Credit - Tax Credit of 25% of the cost for Solar-Electric (PV) and Solar-Thermal Systems up to a maximum of $5,000. Tax Credit of 20% of the cost for Fuel Cells up to a maximum of $1,500.

Energy Conservation Improvements Property Tax Exemption - Qualifying energy-conservation improvements to homes (such as Solar Water Heat, Photovoltaics and Geothermal Heat Pumps) are exempt from real property taxation to the extent the addition would increase the value of the home.

Solar Sales Tax Exemption - The sale and installation of residential solar-energy systems are exempt from the State’s sales and compensation use taxes.

Long Island Power Authority - Residential Energy Efficiency Rebate Program - LIPA offers incentives for its residential customers to increase the energy efficiency of their homes. The Cool Homes Program offers rebates of $250 - $600 per unit for energy-efficient central air conditioning systems and air-source heat pumps. The Geothermal Energy Wise Program provides rebates from $200 - $1,000 per unit for new and replacement geothermal heat pumps. Additional rebates are available for certain lighting fixtures, clothes washers, refrigerators, and dehumidifiers.

Long Island Power Authority - Solar Rebate Program - LIPA’s solar program offers rebates that are approximately 50% of the costs for a PV system. Also with LIPA’s Net Metering Policy, excess energy is bought back from the customer at the same retail rate charged for usage.

For more information please visit http://www.BohlArchitects.com/green.htm.