By next year, New York City will be even more of a shining city on a hill. Here, solar energy in 2013 is not expected to merely double or triple but actually quadruple in the wake of legislation that recently extended or developed tax incentives to help government agencies, companies and homeowners take advantage of solar energy. Here, solar jobs are here to stay, and the Big Apple very well could adopt a new nickname in the near future – the Bright Apple.
Homeowners in New York will receive tax credits worth up to $5,000 as long as they agree to lease or buy solar energy equipment for a decade. In addition, commercial solar systems will not have state sales tax.
The third piece of legislation that will boost the energy in New York – and likely solar jobs here – is a property tax abatement for solar energy systems in the Big Apple through 2014. This is highly valuable in New York City simply because so many people dwell and work in the city, and the number of flat rooftops in this municipality will make installing the solar energy equipment relatively easier than in other locales.
Although solar energy systems save money in the long run and add solar energy jobs to the economy, many homeowners especially can’t cough up the costs of these green systems upfront. In fact, a $40,000 system at a residential home easily can cost just $16,000 once the tax incentives are applied.
The total value of the tax incentives that will benefit business, homeowners and government agencies through 2015 reaches a whopping $800 million. Without a doubt, solar jobs look promising here in the Bright Apple over the coming years.