RESIDENTIAL SOLAR HOT WATER SYSTEMS
INCENTIVES For Long Island Homeowners

Sample Investment Savings for Solar Hot Water System for a family of 4
System components, design and Installation investment	$ 9,500
Net out-of-pocket investment	$ 9,500
Tax savings (on individual tax return)
NY State tax credit	$ 2,375
Federal tax credit	$ 2,850
Total tax savings	$-5,225
Net system investment	$ 4,275
Estimated time to pay back investment:	4-6 years
Cost of gas saved in 25 years	$16,242
Cost of oil saved in 25 years	$24,818
Cost of electric saved in 25 years	$31,130
Net return on solar hot water installation	$ 24,225-$50,725
Return on Investment	over 13%
VIEW YOUR SAVINGS

A solar water heating system installation can range from $8,000 to $11,000 depending on hot water usage, roof type, number of solar panels used and financial incentives. Savings will increase as a greater percentage of domestic water is heated by free solar energy. Energy by Choice can estimate your cost of heating water and determine the best system to reduce your cost.

Financial Incentive Programs

LIPA Rebate

LIPA is now offering a special incentive program to customers who are currently using electric to heat their hot water. Call Energy By Choice to learn more about these additional savings

Federal Solar Tax Credit

As part of the Federal Energy bill, the Federal Government offers up to a 30% tax credit (with no limit) for the purchase of Solar Hot Water System. Any unused credits can be rolled over to subsequent years.

New York State Solar Tax Credit

In addition to the Federal tax credits, New York State homeowners can take advantage of a 25% tax credit toward the total cost of a PV system to reduce your State tax, with a maximum credit of $5,000.

New York State's Real Property Tax Law

A Solar Electric system can improve the value of your property. New York State's Real Property Tax Law allows a 15-year real property tax exemption for solar systems installed in New York State. Please note that each county, city, town or village in NY State has the right to disallow the exemption. In addition, Solar Hot Water systems purchased in New York state are sales tax free.