Below are brief descriptions of state financial incentives for the Tri-state area. For complete information an all financial incentives, click on the state.
Direct Incentives NYSERDA currently offers an instant rebate of $3.00 per watt up to 4 KW and $2.00 per watt above 4 KW to 8 KW for residential installations.
For commercial installations, the incentive level is $3.00 per watt up to 40 KW, and $2.00 up to 80 KW in size. Tax Credits Receive a NYS personal tax credit up to $5,000.00. The size of the tax credit depends on the size of the solar electric system. The tax credit may be used over a five year period.
The New Jersey Clean Energy Program offers rebates of $1,550 per kilowatt of installed capacity. It is possible to earn additional revenue from solar renewable energy credits (SREC's). Presently SREC's are approximately $600 per Megawatt hour.
For non residential installations, the rebate is $1,000 per kilowatt of installed DC capacity.
Federal Tax Credits Currently there is a Federal tax credit of 30% for residential and commercial installations of solar technology. There is no cap on these tax credits.
Net Metering More than 30 states, including New York, have net metering laws which dictate that the utility companies must allow their electric meter to run backwards in the event that your solar electric system produces more electricity than you use. This means that during the day when your solar system is producing electricity you will earn a credit as the electric meter runs backwards. At night, when the solar system is shut down, you will use the credit that you built during the day.Below is a short video of an electric meter running backwards because the home has a solar electric system. The meter on the right is spinning backwards and earning the home owner a credit. The meter on the left is not.
Resale value of your houseA recent study indicated that for every dollar reduction in annual utility bills, the value of your home can increase by as much as $20.00. This means that a typical 3 KW solar system which would cost approximately $9,000 after rebates and tax credits could increase the value of your home by $14,000.
