In the last several years the cost of heating oil has doubled. As fossil fuel reserves are consumed, the cost of conventional hot water generation continues to spiral upward.
New York State and Federal tax credits (equal to 55% of the cost) have made solar hot water systems surprisingly affordable. Now is the time to consider if solar hot water is the right choice for your home.
The installation cost will vary depending on depending on the household’s volume of hot water usage, number of solar thermal panels needed and financial incentives. Savings will increase as a greater percentage of domestic water is heated by free solar energy.
Over the 25-year life of the solar hot water system’s life, current oil customers can see total savings up to $25,000 and current electric hot water customers can see over $30,000 in savings.
Energy By Choice can estimate the cost and determine the best system to supplement your hot water needs.
A solar tax credit is a deduction in your Federal or State tax for the year in which you install solar panels. These solar tax credits provide an additional incentive to install a solar system.
The Federal tax credit on a solar hot water system typically reduces homeowner’s taxes by about $3000. NY State also offers a 25% tax credit, typically worth about $2,500.
Contact Energy By Choice for the latest Federal and NY State solar tax credit information.
What is the NY State Real Property tax exemption?
A solar hot water system can increase your property value by significantly reducing the home’s energy expense. To avoid higher property taxes on that higher value, New York State’s Real Property Tax Law allows a 15-year real property tax exemption from increased taxes on solar systems installed in New York State.
Solar Hot Water System Maintenance and Repair
Is your existing solar hot water system not working to full capacity? You may need some routine maintenance or repair work. Contact Energy By Choice to schedule a diagnostic visit or system tune up.